Should I separate utilities; This means more CapEx right?

[Christopher B.]

I am looking at 2-4 unit multi-family properties, some have separate utilities, and some a mix.  The mix is mostly Owner pays water/sewer/trash and gas heat, and tenant pays electric.  With the same neighborhoods, the rental listings are mixed like above, all separate, or a mix.  

From my research on this site, it seems separate utilities are favored, as long as the competition offers the same. However, since I am comparing properties that are similar in size, net cash flow, and price, I am wondering should from a CapEx perspective would it be better to have one large furnace, versus 4, and one large hot water heater, versus 4. One might argue that maintaining or even replacing 1 furnace, should be less expensive than maintaining, or when the time comes, replacing 4 furnaces.

What are your thoughts?