I would also recommend completing the rehab to the standard of the comps since that is what your loans will be based on and your rental base and buyer base will be expecting.

You will always have a mortgage payment eventually, pay interest, insurance, water/sewer, save for your reserves such as vacancies, cap ex, and repairs, and of course, can't forget property management if you are not planning to manage them yourself.

A couple things to consider:The infrastructure was designed to support a specific development (number of parcels, certain square footage and/or water consumption). 

There are many rental comps in the area- Wheaton Center and the towers should provide a good standard for market rent in downtown Wheaton. 

But something that you will need to know is that we are being told that a standard 20% down is not enough for a real estate investment property.

Kids are unbelievably disorganized and trying to get them to do everything they need to do to have cable, water, electricity and pay YOU on time is asking a lot!

me personally I would never buy a park on private sewer and water.. again personally I would not do this. too much risk.

You have many options.I don't know what rental prices are in Houston, but I have very many friends and previous buyers who have paid $1,200 a month for 800sqft-900sqft units (with water being the only utility paid for).I recommend West Gate area.

And its not really the snow that causes problems its the water from the snow melting and ice from that snow melt then re-freezing that is the biggest issue. 

Also note, the metering of water/sewer/etc. costs $15,000 per unit.Thanks in advance for your thoughts.Mike