I have been researching to see how much it would cost to rehab the house but I am sure the roof, electrical and panels will need to be redone.

If you wanted to fight one mortgage for both units, look at the electric meter and water meter for the building.

3 apartments - probably a C+ to B- building in a C location:#1 2BR Rents for $600 currently#2 1BR Rents for $480#3 Efficiency rents for $500.Apartments 2 & 3 are on the same electrical, so their electric is included.

I certainly wouldn't suggest to pull an electrical permit to change an outlet or a plumbing permit to change some cast iron sewer out to pvc. 

Is the 4 plex individually metered water and electric? 

The house I'm buying has no finished floor or electrical fixtures; its a blank canvas.

Earlier this year I used Oliver from People's Electric (http://www.peopleselectrical.com/) for a complete rewire of a duplex during a full gut rehab.

Even I could see that lines weren't straight, dry wall was not done correctly and the electrical didn't look right.When we questioned the Gc about this he always had a different story - *he had drilled through the PG&E cable at his own house so couldn't be at our house that week as he had to tend to his own house.* he had fallen getting out of a cab and he couldn't walk for the next few days* he had spent all the money we'd already paid him on fixing up his own house and couldn't pay his subs that weekSo many red flags and warning signs along the way.

I know I can get 3 people @ 300-350 a month not including electric (I've already inquired a few good friends of mine and they've all agreed to move off campus to save some money) With that being said, I'm thinking this will cashflow about $180 per month, which sounds great to me.

@Mark Stone this has been bugging me since I got my first property with PMI 4 years ago...