Electricity can top $500/600 per month during peak monthsTurning the thermostat up to 80 during the summer is still $350/monthNatural gas used only to heat showers is $50-80 a monthWater is at least $100 a month winter, $300 summer (sprinklers)Internet is $50 a monthI know "bills paid" is never a good idea, as tenants won't be efficient.But, "all bills paid" is the norm in this area for roommates.

I was thinking about doing the same thing (limited thermostat), until folks brought up the fact that they can be defeated with a bag of ice or cold wet washcloth.

I would add another 10% to your expenses unless you plan on putting locked boxes over the thermostats.

As I'm thinking about it, there were no thermostats in the units either.

I am looking for a thermostat that I can install where I can set the upper and lower limits of the temperature - perhaps by a passcode. 

Wifi thermostats are hard wired to the HVAC controls.

Also, trying to save money on thermostats, I ruined the boiler control board -- a $650 extra expense.

thanks for the responding john based on the comps around the neighborhood my property ARV is between 300-350k when I'm done and the market is climbing slowly so who's knows what it would be worth in 5-10 yrs hopefully more i plan to rent out 3 of the units and live in the 4 unit for 1-2 yrs and bank rents and manage property myself i don't have a exact concrete number on operating cost yet but i predict i will be bringing in anywhere between 3200-4000 dollars a month in rent and then also my unit when i move would bring in more income my strategy goal is to put the money away as income and then apply for a fha loan for my next property take advantage of 3-5% down and buy another 3-4 unit multi family and live there and grow my portfolio by owning and managing my own properties but i know on the third property i will have needed to put down 20-30 percent which would be fine because i have equity and assets and also options on what route i would like to take my question you kind of already answered was is this a smart decision to go no mortgage route and assume so much risk by using up all of my funds to get in the game because sometimes when i talk to people they make it seem like I'm crazy for wanting to start out this route but i feel like if they had the opportunity to start out independent why wouldn't they go that route if you know what I'm trying to say also i am a little nervous seeing that i am 29 and this will be my fist time taking on my on investment and running my own business and projectsalso any advice,pointers,tips any positive tips would be greatly appreciated also on a side note on all my mechanicals for the house i will be buying everything that i can that comes with a energy saving rebate, boilers,water tank,thermostat, etc i strongly believe in saving money and being energy efficient  on whatever i can 

The thermostats are located in the basement and set at 70 degrees, so tenants can not raise.Cost of doing business there.

(**THIS IS ONLY FOR VERY EXPERIENCED BUYERS)  When you do your 2nd showing on a property you really like, schedule to have a contractor or retired inspector or builder come with you to identify any of the super major items that would cost a fortune to fix and do a mini inspection (IOW, test water pressures, run dishwashers, get outlet tester, turn thermostat up or down to check appliances are working if possible, etc.