The condition is clean, but needs a new hot water heater, new A/C unit, new appliances and carpet and paint.

As per the zoning permit's it's 3 dwelling unit and a 4 rooming units .I'm buying the place out cash and according to local realThe rent for each of the 3 dwelling apartment is $500 they pay there own utilities and it's $350 for each rooming unit but I'll pay there utilities generating a month about $2900 before expenses ( insurance , water. , garbage maintenance ,electric for the rooming )It's my first deal so I want to make sure it's sounds realistic and it's a good deal

Are the gutters even in the right location for water drainage and the adequate size??

water/landscaping/village liens, IRA liens, property taxes, mechanic (ie, contractor) liens to name a few.Make sure you don't buy a 2nd lien.

I'm not a fan of HOAs, the fees can be onerous.But I have benefited by getting a new roof, new siding, and a new parking lot from the HOA fees that I paid.And besides those extraordinary items they also provided grass cutting, snow removal, heat, hot water, sewer, trash removal, insurance and outside maintenance.And besides those normal fees that I would have had to provide they also provided some items that I would not ordinarily provide like swimming pools (hate the maintenance and the liability), tennis courts and club house.

His resolution was to hold hostage the water bill.

Sorry to have to say that it sounds like the repair is yours to pay, and I would get it done sooner rather than later as you don't want water damage caused not only to your unit, but to your neighbor's unit as well.Generally speaking, if a repair is needed for something that only serves your unit (in this case a drain line that at the point where the leak is serves only your unit) it's your responsibility to get it done.You may want to try calling a reputable plumber.

You absolutely want your tenants to call you for repairs, especially those involving water, ASAP.

I give them:Property locationMy estimate of valueCurrent mortgages or loans agains propertyTerms of any financingRental incomeTaxes, insurance, and any landlord expenses like water bill for exampleVacancy on that specific property since pit in serviceDate of purchaseThese things will show them my cashflow and net worth.

Demand is created by changing attitudes.It may be a subject for the water cooler, but it has little real impact on any local market.