You have to know what your are going to do for water and sewer.

Second, I was concerned that they would move out and take the oven/water softener/light fixtures etc. with them and say 'those weren't part of the deal'.

For example, if I can run water/sewer and electricity out there, insulate the walls, add some windows, drywall, finishes, and appliances for $30k-$50k, that's less than any unit you could buy anywhere in Portland.  

Some of the issues brought to our attention by current tenant would need to be addressed by the seller before acquisition.There is a potential piping issue or cracked pipe somewhere as the tenant complained about some water level problems.  

I'm pretty Excel efficient.

You should ensure that they are not only operational, but in today's energy efficient world know how antiquated they are compared to other newer'ish buildings, and what the cost is to upgrade or replace these systems. 

Your roof (or water heater if you will:)) will cost the same, so that $20,000.00 property with a $600 rent all of a sudden looks like a pretty crappy deal compared to a 200,000.00 property with a $4500 rent even though the percentages is way higher.

If they collect 300, they could recover that 25 months, depending on efficiency, they might raise that in 5-6 years even without raising fees. 2550 rent on a 200k house on a hot market is a no brainer, sure hope there is appreciation.

Making your properties more energy efficient is good for everyone.  

I am looking to add 5-10 units in the next year in either central Texas or Mid-Willamette Valley in Oregon.I have a strong analytical background and am looking for a partner who would like to put their capital to work in the most efficient way.