I agree with your thinking @Account Closed. Better to add in the expenses to be conservative. Remember, however, your estimates are just estimates. As you get more reliable information, update your numbers. A bit more (unsolicited) context for you: If the properties have utilities separately metered, I would expect that the tenants would pay the utilities. In that case, no need to add the estimate these expenses. However, some properties don't have water/sewer or oil (common with older Hagerstown properties) metered separately per unit so, as the Owner, you may want to pay that unless you want to try and divvy up an average amount between the tenants. That could be a hard sell for a tenant who is a low utility user as he/she may end up having to pay more when his/her usage is relatively lower. Hope that helps.
