Lastly the owner admits that they are going through bankruptcy because of utilities.

Out of town investors sometimes these more rural areas require hefty deposits for utilities for the complex if you are not local.

He rents it as furnished units and he pays utilities.  

For example:Laundry IncomeStorage unitsPartial utility reimbursements (if, for example, if you charge tenants a percentage of the utilities because you have to pay them.) 

Utilities, age, maintenance.

By utilizing borrowed funds it is possible to do more expensive projects or to do a larger volume.An experienced Hard Money Lender is a good “deal barometer” in that the good ones are in the streets daily and can quickly analyze a deal.

@Jermaine McIntosh@Chad Gross Welcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language at near zero cost.

I've utilized the wholesale calculator on BP and I believe come up with a good offer but would like any additional insight the community can provide.

I recommend getting a sub-meter if your utility company allows.

Hold open houses for other agents in your office just to get your face out there and interact with the public.