(Please also note this is only for water.

It's in a desirable neighborhood in a growing beach resort....but not so close to water that it will be flooded.

Practicing analyzing deals is the absolute BEST way to start dipping your toes in the real estate waters. 

Last, I would like to sub meter electric and water.

.), two bathrooms, added a bathroom, fully redid the kitchen, refinished the hardwoods, paint, baseboard, trim, redid all of the plumbing in the house (above and below ground), water proofed the basement (internal/external french drains and sump pumps, and did all of the landscaping (mulch, new sod, removal of trees, etc.)

A year's worth of medical payments due 30 days after hospitalization).Billionaires don't have to worry about a hot water replacement in January, costing you $800.

I'd budget 12-15% combined with repairs.I bet you can get management for closer to 8% on a 16-unit property.Insurance looks very low for a property you expect to be worth $500k.What about water/sewer?

Other than that I would not know where to invest other than staying away from water. 

@Matthew ReumI’m also new to REI but I think that what he means is “capital expenditures” which (correct me if I'm wrong) include new roof, new water heater, and other BIG expenses that don't happen every month.  

There has been a water issue, so that needs to be solved first.