EXAMPLE: Some areas when you pay for electric hookups it includes the meter, others, it's just the fee for the privilege of hooking up to electric and you buy the meter seperately. 

Lastly, separate utilities are a must in my opinion, unless you're updating the building and that's in your budget, look for a building that already has separate electric and heat.

Full blown rehab on 5 units could go (way) past six figures easily if they all need all the big stuff- electric, plumbing, HVAC.I'm a firm believer in "If the deal is right, the money is always there".

New electric, heating, plumbing, ect.  

Is the home energy efficient?

I have two rental units in which the electric dryer does not vent to the exterior.  

I almost never need to redo plumbing or electrical, a huge money saver.

The units rent for about $1800/mo each (and both are occupied) with utilities included (utilities are about $700/mo for everything - I would probably want to change this so tenants pay their own utilities - Electric & Gas are metered desperately).  

The only time I have seen landlords place questionable tenants is if there is no other action on the property and it is a low income area.If a property sits vacant in those areas for too long they can steal everything out of the unit an strip out all electrical and plumbing.

I pay gas, water, and a small portion of the electric.