You need to report income for taxes and the rest is for your personal consumption.  

I have been told to split the power lines between the two units so they are each metered separately would be cost prohibitive, is there an inline option that can show me the consumption?

-HAZMAT mitigation-Additional plumbing installed and water consumption (commercial building usually has fewer bathrooms)-Neighbor protests to your re-development idea-Bringing an old commercial building up to modern residential codes (fire/ADA/safety/etc)-Are any amenities close by (industrial neighborhoods don't always have a supermarket or restaurants near by)?

Hard living was the term used by our insurance company; entire house carpet had to be replaced (see image and imagine 1700 sq feet of that), walls & doors were used as children's personal canvas which resulted in repainting & staining of entire house, closet doors were off &/or damaged, siding was hanging off of the outside of the house in several places, thermostat removed, gas meter removed due to illegal gas consumption, drawer/door hardware missing or damaged, damage to garage doors, etc.

Having already owned a 12-unit bldg, and watching the water meter diligently on a weekly basis, I knew that normal water consumption in a 1-bedroom apt was about 500 gal/wk.  

@Alex So I saw some good options there but I'm working in that area so I know the only reason I don't like that area because of consumption sites.

I would even argue that this is not a good goal to have in general given the tradeoffs most have to make in the pursuit of what our culture values; the dual achievement and consumption lifestyle while trading off other things that arguably are much more important in pursuit of happiness, health, wealth, and the self-actualization goals of autonomy, mastery, and purpose.  

sales comps, rent comps, market demographics, caprate, consumption rate, market vacancy, potential upside, condition of building and units, ind or master metered, age of building, condition of roof, electrical, and plumbing, washer/dryer, good or bad management, implementing new streams of revenue, hvac, projected investor returns, IRR, equity split, rehab budget, marketing plan,

Do we simply just replace the systems with mid-range products, or do we install high-efficiency systems that will cost more upfront, but lower utility consumption and last longer.Also, is the ROI on AC worth it for a rental unit?

I still think that is high and you are in one of the few areas around here where the sewer bill is based on water consumption.