In addition, just because items are depreciated for tax purpose over 27.5 years does not imply a life span of 27.5 years any more than replacing a water heater depreciated over 27.5 years implies the water heater has a 27.5 year expected life span. 

But that's all water under the bridge now.

We have a water pump for a pair washing machines and a dehumidifier in the basement.

Still red tape but a definitive end game Pavlov law approach:Food, shelter, water, safety, comfort and I will throw in livelihood.Get your contract out and read it thoroughly.  

Got a water leak down there?

If it's old lead water lines, then yes, I'd replace to pex.   

Water and termites are the concern.

Water and electric demands?

On the water or on the golf courseWhat websites does your PM use outside of Airbnb and VRBO?

Then there's typically expenses like lawn maintenance, snowplowing, common area electric costs, the water bill and garbage pick up.