We have 45+ pads which are Water, sewer, electric connect ready.

The property has been rented for nearly this entire time.The house has a good amount of deferred maintenance, is not updated, and has some water damage which we only recently (two weeks ago) became aware of.

For Fire damage, smoke damage, black water, broken pipes and other disaster clean ups we recommend Jim Seubert @ Pride Cleaning and Restoration 618-792-0465.

How should I tell him to terminate his electric, water, and garbage bill? 

Home prices on NW side have gotten to a point where you can't make a SFH pencil, so unless it's a 2-4 unit, it will be very difficult to hit the numbers on a SFH as a pure investment. 

Eligible property includes 1) Computer software that is depreciable 2) Qualified leasehold improvements property 3) Water utility property and 4) MACRs property that depreciates over 20 years or less.

Kitchens need remodeled every 10-15 years to maintain high rents, roofs go bad, HVAC, water heaters, etc.  5% will likely not be enough to cover these items when they come up.  

Well done sirI would acquaint  yourself with the math to reflect how current or improved rent and all cost deliver cash flow for the tenant or value over time in a buy and  pure hold strategy Most investors do this on their own however they love a professional who understandS how to make these investments really perform keep it up sir

It's not on the water, but walkable to  a beach and part of a HOA with marina (no deeded slip but access to boat ramp).

(Ex: I would like to replace the old plumbing with PEX, I would like to add a bed/bath in the attic of the upper unit and water heaters and boiler are on the older end of their life cycle.)