The work involved replacing all the old meter fittings (won't fit new smart meters) and installing new panels inside.

I'm looking through the spreadsheet and I think it's worth mentioning that it's possible to spend a lot less for certain material items as well as labor in many cases depending on how frugal you want to beinterior door with hardware: $5-10 used, $30-50 newwindow: $10-50 used, $100-200 newlight fixtures: $1-10 used, 6 pack flushmount at lowes for $44fan fixture: $24-60 new water heater: $250 newtoilet: $50-90 newsink: $40-200 new faucet: $10-30 newtile: 0.49-2/sqft newappliance: $20-200 each appliance usedmy last rehab was:60 elec permit cost + 300 elec repair (tenant destroyed meter box causing house to be condemned)1600 material + 1500 labor flooring for 1400 sqft500 material + 600 labor spray paint whole house semigloss and patch some large holes$30 for 4 interior doors which I put in$10 mirror for bathroom$100 paint porch, stairs, and stair rail brown$50 fridge, $10 burner plates for stoveI also spent at least a few hundred with help on cleaning and taking out the trash and some other expenses here and there which altogether added up to about 5 thousand.I spent maybe 30 hours over there in total on the weekends.

Most guys who I know who are doing OK bought in the early 90s, or 2008-2009-2010.My resources are MLS stats, and rent calculators like rent-o-meter, zillow rents and craigslist to find rental numbers in areas.My point is this, I can find a 1.5% deal that is OK here, or buy 5 2-3% deals in another market with management for the same outlay in resources/cash/loan/whatever.

(Utilities are likely just water, and then it depends on how the water is metered as to how much you can really know.)One advantage you have when buying multi-family is that, almost without exception, the previous owner was renting out part (if not all) of the building.

He also saw that the meter itself has been damaged.

Second, what opportunities are there to add value through sub-metering utilities, raising rents, etc.?

.$65,000 purchase price $16,250 down payment (25%)$4,000 estimated repairs (both units are in great shape, but I like to be conservative)$4,000 estimated closing costsCash to Close: $14,250Monthly RentRent $650/unit (based on research, the market supports $700 - $725/unit)Gross Monthly Income: $1,300Monthly ExpensesTaxes - $135Insurance - $100 (estimated - awaiting confirmation)PM - $130 (10% of gross rent - may manage myself, but would still need to account for my time)Vacancy - $130 (10%; however, the market is currently very high demand <2% vacancy overall)CAPEX - $130 (10%)Rental License - $15/monthGas - $80/mth Water/Sewer - $70/mthGarbage - $25/mthElectric - $0 (tenants pay)Monthly Expenses: $815Monthly NOI: $485Mortgage - $265Total Monthly Cash Flow: $220DSCR: 1.83CoCR:  10.89%After purchase, I think there are a few value-add opportunities:(1) Have water/gas metered separately, and pass all utility costs along to the tenants.

There is only 1 water meter on the property, so I pay the water bill (working on that..).

Another important thing is the metering.

Someone stole the gas meter and I have to wait a month for BGE to inspect and reinstall a meter. 1 month for a BGE inspector!