Small, electric water heater $160 - $180 (In one property, I bought a small one that would accommodate the no more than, count 'em, "two" people that should have been living in the rental property.) Just remember, you don't have to buy everything "new." They know me well at the local junk and salvage yards in my area and I saved a bundle on things like doors and windows. Some stuff will need to be new, but...