It's like finding a good fishing hole, keeping your line in the water, and waiting for the right bite.

Title has been slowing down the transaction due to a large water bill credit on the property.

Guaranteed tenants will put their shampoo bottles and everything else on that window sill, so expect water damage.  

I currently under water on this mortgage by about $20K.

Mind you I haven't pinned down a potential purchase yet as I am 13 months away from making offers.Being that I am going to be an out of state owner, even though duplexes and triplexes are my preferred route for RE investment ( I own a duplex in Los Angeles), I am leaning towards SFRs where the owner will be in charge of things like water, snow blowing and general garden and yard upkeep. 

If you replace a water heater you have to take the cost of that and compare it to the value of the plumbing in the building, to determine if it was a repair or improvement.

The water was liens le but the security deposit was no due back for 45 days.

Our contractor ingeniously relocated the water heater and concealed it behind a closet area next to the furnace and other utilities, thus allowing us to finish off the downstairs bathroom with drywall walls and tile flooring.

I just put 5000 to be conservative but owner states he just put in new hot water heaters, roof is in good condition, the pics of the yard look like it is really well maintained, etc  The detached garage looks old but has a brand new roof on it and has been painted to match the apartment building. 

Good points: New plumbing, new septic, newer water heater, furnace & a/c and mostly new electrical.