What about water/sewer, trash, lawn care, other shared utilities, pest control, and admin/professional fees?

How would you guys go about making the tenants in a multi-family pay utilities which they all have separate water meters as of right now the recent owner paid all utilities for them. 

The realtor states that most of units rent for $700 a month plus water, "which is a stretch for the current tenants who pay $590/month plus water" but they were told rent would increase after the properties were sold.

Rental real estate is generally not SE income.I may be biased, but IMO the surest way to mitigate your tax liability and navigate the waters so to speak is to retain a tax professional as an external partner on your team.

Sounds like 5% Maintenance would put you under water, is that a fair statement?

right, cant hurt to cast your line into the water. 

Side note: Some friends in San Antonio recently shared a story of a guest who let water overflow from a toilet and ruined the flooring.  

Different waters for me.

My capex budget includes but not limited to: roof 25 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life span, etc.

If you or someone you know is interested please do not hesitate to reach out to me.Some information:-Cape cod style house-Located near major highways/road such as 287, Rt 22 & Rt 28-There are about 5 train stations within a 7 mile radius, including 2 within a 2 mile radius-located about 15-20 minutes away from Rutgers University- New Brunswick-also located near Raritan Valley and Middlesex CC-There is a partially finished basement where I will be residing-washer/dryer included-rent will be $675/person-estimated utilities are $60-70/person which will include the following:---electric/gas = 40---water = 5---sewage = 10---trash = 5---internet = 10