Explore the Physical land usage – Get a survey done to find out what the exact boundaries of the properties are.

I'll just call that icing on the cake.Taxes 5k annually, insurance 3.5k (pro forma.. i'm not sure why its so high), and management/repairs/capEx/vacancy @ 33%One thing that has me totally confused is the water usage.  

Garbage and/or appliances must be stored in appropriate containers.

Options to Sub-meter Water in a Multi-family buildingHello,The primary reason why an owner sub-meters their Multi-family property: Based on our 20 + years of sub metering experience throughout the US, …Unlike RUBs (charging water/sewer based on hot water ratio consumption, occupants, fixtures or size of the home) were the conservation factor is often short lived ; The tenants’ water/sewer usage will drop by 25 to 35% when the tenants are responsible for their own water use; As an owner you will be promoting water conservation and working with your residents to mitigate future rental increases, as the water/sewer costs are no longer a rental component.We’re here to answer your water sub-metering questions.

Now, in less than a year, there are 5 kids (the 5th baby arrived just few weeks ago) and 3 dogs, doing "dodos" everywhere, attacking us on our own property, tenants don't seem to work and it's hard to imagine how they make living (neither one of them seem to work), causing noise disturbance by loud inappropriate music every time we are in our back yard, etc... 

You can then have a clause in the lease that covers for high electricity usage and tenant will be responsible for X% in this situation.

For example, you got to call an insurance agency to get a quote, rehab and maintenance will be different based on age, size, and other factors, and utilities change based on usage. 

There may be other reasons for the high usage such as poor insulation or leaky windows, or maybe even an illegal marijuana plantation!

The water department in NE Ohio offers water usage monitoring of properties if you sign up online.  

I have added to it over the years to include things like - no car washing or exterior water usage, no pools or slip in slides in the parking lot, can't move the furniture outside, no hot-plates, etc, etc.