A water heater for a cheap house costs exactly the same as for a house double or trippple the price.

A month ago that request would have been a no go but we are now in unchartered waters.

Thank you for letting me follow along - I've already seen this is a pretty tight group (unlike the rest of the BP forums), so I'll try not to taint the waters. 

This will also mean more expenses (water/sewer, lawn care, etc.)

When the toilet is flushed the master bath is flooded almost reaching the master bed carpet and the said tenant also says that water reaches his side too.

I typically pay ~$1K for hot water heater but one was down and tenants had no hot water so I am paying $1.3K today because tenants need hot water and I could not easily find an alternative (slight high priority so it costs extra).Good luck

List Price: €60,000Offer Price: €60,000Sold Price: €60,000Offer Date: September 27, 2019Closing Date: November 7, 2019Condition: Vacant 5 years, electricity and water on, original state, needs rehabSquare meters: 79sqmYear built: 1954Rooms: 4Bathrooms: 1Elevator: NoParking: StreetYearly Taxes: €242Monthly HOA: €20Home Insurance: €127Closing Costs Breakdown Agent Commission: €3000 (5%)10% ITP Tax: €6500Notaria/Gestoria: €163Total Closings Costs: €9663TOTAL PURCHASE PRICE + CLOSING COSTS: €69,663RehabLabor: €23,000 including windows, doors, flooring and bathroom fixturesEstimated finish date is in July

I guess my strategic plan is to update the units one at a time and hopefully sub-meter the water.

List Price: €60,000Offer Price: €60,000Sold Price: €60,000Offer Date: September 27, 2019Closing Date: November 7, 2019Condition: Vacant 5 years, electricity and water on, original state, needs rehabSquare meters: 79sqmYear built: 1954Rooms: 4Bathrooms: 1Elevator: NoParking: StreetYearly Taxes: €242Monthly HOA: €20Home Insurance: €127Closing Costs Breakdown Agent Commission: €3000 (5%)10% ITP Tax: €6500Notaria/Gestoria: €163Total Closings Costs: €9663TOTAL: €69,663 How did you add value to the deal?

List Price: €60,000Offer Price: €60,000Sold Price: €60,000Offer Date: September 27, 2019Closing Date: November 7, 2019Condition: Vacant 5 years, electricity and water on, original state, needs rehabSquare meters: 79sqmYear built: 1954Rooms: 4Bathrooms: 1Elevator: NoParking: StreetYearly Taxes: €242Monthly HOA: €20Home Insurance: €127Closing Costs Breakdown Agent Commission: €3000 (5%)10% ITP Tax: €6500Notaria/Gestoria: €163Total Closings Costs: €9663TOTAL: €69,663 How did you add value to the deal?