I utilize seller finance, DSCR, and subto transactions to avoid going the traditional financing route.

Utility statements for the past year 4.

Don't simply think through total rents you'll receive minus your PITI to the bank, but rather you'll want to factor in management fees (if any), Condo Owner Association fees, maintenance and repairs, other utilities, and a capital improvements set-aside for the inevitable things you will need to improve over time.If you're looking at the income minus these expenses and still coming out with a cashflow rate that you are comfortable with, then the only question left to answer is:  are you comfortable with the risks associated with Condos?  

3) What utilities do the tenants pay for?

I was able to buy them cheap and build a lot of equity which I currently gross $4,600/month and my current net is $2,800 after insurance/tax/mortgage/utilities...

We share some utility bills and maintenance costs (plowing, yard work) with the rental unit.

What is the condition of the property, what utilities are split, what are tenants paying for rent, etc. 

Some of the lots would be wiped out for a community garden context every maybe ten spaces...Another model: Thinking about 20 minutes outside of cities could also be developed from land if utilities can be lined up for the land. 

RE has utility value.

In your "construction cost", is that including development of the land, I.E. cost of roads, site grading, utility infrastructure.