Only a portion of the water pipes are in the attic.

Probably most water claims and expenses are not from undetected leaks. 

This townhome has HOA which outsourced water meter reading etc. to a third party company.

If the locals are broke, the other filters don't matter.

OPERATIONAL EXPENSES$1,040Monthly Upkeep & Local LaborUtilities (Elec/Water/Sewer)$350Includes high A/C usage and pool pump power.Pool Service$150Professional cleaning and chemical balancing.Lawn & Irrigation$130Mowing, edging, and sprinkler head repairs.Pest & Termite Bond$85Subterranean bond + quarterly pest spray.General Maintenance$325"1% Rule": filters, paint, and pressure washing.III.

Start with maintenance notes that you may regularly reference, such as air filter size, water shut-off location, etc.

Additionally as water becomes more and more scarce and a real issue, the worlds largest source of fresh water being the great lakes is certainly a benefit to having nearby in the apocalyptic hellscape of AI we are headed into (only being half facetious)

Having looked at hundreds of deals over the last 7+ years, there are just too many variables that meaningfully move returns.What you’re describing absolutely works as a first-pass filter to prioritize deals, but I try not to put too much weight on the seller’s in-place cap rate.

I am currently a rookie but willing to learn, assimilate and apply the knowledge that is shared in this group.I know It's time for me to take my first steps, out to test the waters ....Nice to meet everyone!  

Another tip I can give is try to avoid buying houses where the utilities are not on, leaks usually always come up when you go to run the water for the first time.