My question is how serious of an expense is a water leak in the basement, the house overlooks the water as well so I feel like it would be a great investment opportunity.

Purchase price: $120,000 I was the Exclusive Buyers Agent in the transaction.Units were separately metered for water/sewer which was a great plus discovered in DD.The downstairs 2/1 unit was delivered vacant but this was the lowest price/ SF transaction around Olympia in the last 20 months which has great upside on rents and value with it's close proximity to USC and downtown.

Many foundation problems have water as a root cause - be that infiltration in a crawl space, drainage around the site, cracked sewer line or water line.

Purchase price: $280,000 Cash invested: $750,000 Sale price: $1,500,000 Bought a double lot, right on the water, to build two $750,000 homes What made you interested in investing in this type of deal?

Do not turn your water on until you have a tenant.

@Andrew Taxes are roughly $7500 a year, Water/sewer is $1200 a year and snow/lawn maintenance is $800 a year.

3 bed , 1.5 bath, 1 car garage and 1 parking with (trash pickup, water, snow plowing, lawn maintenance included) for $2800  in Greenwich, CT? 

its very close to the water

I assume that even the water is metered separately?  

You will have to get it rezoned, likely recieve a density waiver, do a bunch of dirt work (basically sewer, water, power and legit dirt moving) to create lots at the low end to a full development including building homes.