Look at major components like the roof, foundation, HVAC, electrical, plumbing, water heater, water and sewer connections, etc. 

Sometimes municipalities provide sewer, water, garbage, or even electricity and if unpaid bills stack up their become liens as well.Might be easier to spend $200-300 and have a title search done to see what you are facing. 

Right now the current owners pay the tenants water and I would be billing that back to the tenant in their rent.

(normally recommended, especially if you are a landlord)- Water Backup: For water damage due to the backup of Sewers or Drains.- Personal Articles: Coverage for belongings that have a special or collectors valuesuch as Jewelery, Furs, Fine Arts, Collectibles, etc...Your age should not be a factor on the pricing but, depending on the company these other factors may get you credits:- Insurance Score (company pulls certain info out of your credit report)It is not your credit score but generally better credit will result in a better score- Time at your job- Education level- time at current residence" Good Luck

Electric, gas, water, sewer, garbage, internet, cable/satellite TV are all on the list.

Their old apartment had reoccurring water leaker coming from the roof.

If the tenant is paying for water/sewer and electric/gas, why would you want a coin-op? 

I figure 15% combined.What are the water/sewer and electric expenses for? 

The city quarterly bill has broken down the expenses into separate water and sewer costs, and the sewer is hovering around 400% more than the water.

Don't forget you'll need electric, water, and sewer hookups in your backyard , which may require permits.