I am trying to get the the expenses down, and the water/electric use for the building is pretty high.

They're going to spend billions on a rail system that won't help.When the earthquake hit in 2006, people freaked out and bought up all the bottled water and rice just because the airport was closed for a few days.

House 1: Harvey Flooded Foreclosure Single Family (Patio) Home 3 BR/2.5 Bath, 2350 Sq FtListed Price: $170k (would like to offer less)ARV : $300k (~$130sq ft based on comps)Margin at Listed Price : $130k Estimated Rehab : $60-70k (house has been gutted post-flood, appears to have had about 1 ft water.

If you at least factored in another 5% for Capital Expenditures (which I still feel is low) then maybe you can get by with 5% for repairs, but you currently have no money being set aside for big expenses like roofs, water heaters, furnaces/ boilers, siding, any paving etc..

I'm very unfamiliar with water that is sourced from a well, anything I should be weary of?

This lot includes a foundation stubbed for electrical (underground)/plumbing/sewer/water etc. the former property was deemed a total loss in a house fire and the prior home owner cleared and stubbed the foundation (slab on grade).

one water heater replacement blows your cash flow for almost an entire year (although maybe you've accounted generously for capital expenditures like this). 

Friend of mine told me that the HOA fees with a condo of his includes utilities such as sewer, garbage, and water.

I am in Portland OR and this is right on the water.

You've got this.Bring printed applications in case they want to fill it out thereHave food and water.