Previous property had 25k I'm back taxes and water bill ( lady owner had water meter broke so she could still get water without ringing up he bill!)

She said the owner got a notice from the HOA saying there was adjustment in the water meters and this is backpaying for the water since April 2017. 

The lots rent for $140 each (utilities sub-metered and paid separately)   However, there are a few issues with the park that were not represented in the listing that may cause us to cancel the sales contract.  

The reason I mentioned no direct correlation is because the two is because it's possible that these two will not run in the same direction.For instance you can have properties where owner pays for the utilities like gas, electric and water as well, in that case you will have a lower GRM even though you will have the same cap rate.Let's use a fourplex for example;Each unit is rented for $500 X 4 X12 = $24,000 (Total Rent)Assuming separately metered property, 45% of income goes to expenses = $10,800Net Operating Income = $13,200At 10% cap rate, price of this fourplex would be $132,000GRM would be 5.5Now same property but here gas, electric and water is also paid by the owner.

My latest rental property had the main lines from the meter to the panel box wired in aluminum, and the rest in copper.

Monthly income with rents, utilities that we meter and charge for and laundry is currently about $7800.

They're a 3rd party metering company. 

First thing I'd look for is number of electricity meters on the building. 

Many of my client's use rent o meter but I find that those rental prices to be low at times. 

On a different note, some electric meters in Louisville have metal tags on them in certain parts of town.I'm wondering what the reason for this is.