I would assume that the CapEx is reserves for water heater, furnace and other items like that.

Garbage, for example, can just be split evenly whereas water will depend on number of inhabitants. 

in Marion County as well as most counties in the United States that I have been aware of there are habitability standards that are the requirement of the owner. in Indianapolis those standards are almost exactly the same as the Section 8 standards the difference is that the only time the county or city gets involved is if they happen to drive past or if they have a complaint.

Perhaps your state has a standard form that you can use.

If water and sewer is really going to cost you $400/month and all those other expenses are really that high, then I think the numbers are telling the story...there is not enough rent coming in to cover it unless you put more down and get rid of that PMI and high P&I.  

Any good water front restaurant recommendations from the BP Community?

Agent mentioned I would have to sell these as a portfolio in the future, or invest considerably to bring each property up to standards for individual sale.Any insight into how to do due diligence on a portfolio?

With fewer doors you have fewer kitchens, bathrooms, water heaters, roofs, etc.

If the house has a basement, look for water stains on the basement walls or where the wall meets the ground.

What is the standard rent rate for the area?