I rented out my ADU in the Valley for $1600/month (includes water) but I have a client on the west side who rents his out for $2,150/month. 

We are responsible for water/trash/sewer which is on average $250-$300/month conservatively. total expense = $2,105.33The rent from the two units are $900 and $875.

We are responsible for water/trash/sewer which is on average $250-$300/month conservatively. total expense = $2,105.33The rent from the two units are $900 and $875.Conservatively we believe we can get $850 for the unit we are staying in.

Got a water bill of $20 in June.

If your equity partners are equity only and not part of the GP team, be sure to get your legal documents written by an SEC attorney to stay out of hot water with the SEC, in case anything should go wrong. 

It also depends on the tenant pool.

The area I’m looking at is by the water and crabbing/seafood is the main industry, not really near major cities.

I would not want to be stuck in a FHA loan that is under water due to current inflated home prices. 

Back taxes & water bills?

If you are not owner-occupied than all of this is academic as only an "investment" conventional loan with min 20% down (for single fam anyway) is available from the pool of conforming residential loans....