We would take this house in return for a 500k property that is NNN leased.  

Remember this is a marathon......That said are you planning to flip, hold(short or long term?)

So do any of you have any experience with something like this?

Here $10 is reasonable) to each unit's monthly cost for the work to handle this utility cost and associated billing and put this in writing in each lease renewal.

This is not going to be changed.  

From what I've seen in this area right now, it seems like you'd have a hard time paying market LTR rents and making a good spread. 

I know a lot of investors have done very well in Peirce County but I just haven't learned or know enough about that market to make an investment there.Washington state properties are expensive and can be difficult to make breakeven let alone cash flow at this moment due to the combination of high prices and interest rates. 

Need an advice if this would be a good idea or not. 

There are some pockets in this lower price range but they are hard to find and sellers won't let them go for the price you want often. 

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