Kinda been like drinking water from a fire hose, right?

Unfortunately water tends to go back to your property eventually.

Anyone have any ideas about other affordable areas near the water?  

Sounds like your property is worth alot more than mine was so dsay yours had the same $50k damage mine had (mind you the fire didn't touch my house, it was all water, some smoke and firefighters breaking stuff).

Is it in Anne Arundel near the water?

You want other to pay their own electric & water if you can help it6.  

This year I was able to reduce the trash bill by about $300 a month, converted each tenant to my new lease and had them start paying their own water bills, rehabbed the 4 units that were vacant, raised the rent in at least 50% of the units, and I just cut a check to the owners for August 2014 as $10,587.00. 

In either case, look for water stains/signs of mold.

Mortgage, insurance, taxes, & water = $2000 a month.My initial plan: Buy a triplex or quad every 2-3 years. 

The property is in a bad area, I have owned it for approx. 6 years and the first three years I treaded water on a monthly cash flow, but the last three years have been a disaster.