Refrigerators are typically considered "non realty"or "non-real-property" items since they are not attached to the house. 

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.

Are the electrical and plumbing capable of handling the extra load from the new units?

We've worked with Arno's Electric before and they did a good job for us.

@Tyler HuntingtonI will assume your pro-forma on the expenses is accurate, and there are no common areas where you might need to pay for electric to a light or two; tenants pay for water, sewer, trash, etc.My suggestion is to look hard at your acquisition costs.