Opinions on splitting single parcel into two parcels

[Eric S.]

I have 2 unit property near major university and cash flows great and have great equity built up. It is 6 bedroom 3 bath rents for 3k a month and behind it is carriage house  that has been renovated and is 3 bedroom 2 bathroom. It currently  all on one water line/bill.

Wanted opinions of splitting the parcel and selling one or the other and I would assume I would need to separate the water meter some how. Has anyone split a parcel and not split the water meter some how? Pros and cons of doing this? If I split the water line how would it effect if work needed to done on the water line connecting to the back house?

The city is actually putting in new main water line here in about a year to the front house and run it  to the carriage house.  They said they can do two complete separate lines and would cost me out of pocket around 4500 no permits would be needed as of now. The city did say that the second line would run through the yard of the first house though. Questions/comments/suggestions let me know. Thanks!

Eric