@Larry Waters  In most states, marketing a property that you don't own is a license-required activity. 

Look at major components like the roof, foundation, HVAC, electrical, plumbing, water heater, water and sewer connections, etc. 

Sometimes municipalities provide sewer, water, garbage, or even electricity and if unpaid bills stack up their become liens as well.Might be easier to spend $200-300 and have a title search done to see what you are facing. 

Right now the current owners pay the tenants water and I would be billing that back to the tenant in their rent.

Shortly after the road was completed, my property with a finished basement that was used as legal bedrooms flooded 3 inches deep, 3 times during very heavy rain falls in one summer. 

I personally won't buy in a flood zone unless the cash flow can offset the cost of flood insurance.

Electric, gas, water, sewer, garbage, internet, cable/satellite TV are all on the list.

Their old apartment had reoccurring water leaker coming from the roof.

If the tenant is paying for water/sewer and electric/gas, why would you want a coin-op? 

I figure 15% combined.What are the water/sewer and electric expenses for?