We called for the property management company to come spray the property over summer since it was infested with bugs really bad.

They may short cut the fix, leave things wet, and create an environment for mold. letting an unqualified person work on electrical can be a huge liability if they get hurt or burn the place down.

Note: The apartment unit has it's own electric meter.

Electricity/gas.

You're most likely responsible for the AC, water heater, and anything "inside the box" like plumbing, electrical, flooring, kitchens, and bathrooms.If you find a cash flowing condo, the only real concern in my opinion is shifting HOA management and fees.

I am looking at putting an offer in on a property in my town, it's a triplex that was originally a home converted into 3 units, built in 1920, with new roof, siding, water heaters, electrical and Plumbing. 

@Juan Jimenez We have done a lot of work on our own houses (3 in the past) and my husband is a master electrician/electrical engineer and I passed the general contractor exam (just haven't gotten my license yet as I haven't needed it) so I think we will be ok doing a little work on this first one.

Electricity would be paid by the tenants, but since it's in Knoxville, doesn't that mean they'd pay the water or would I?

I just sold a building in Westchester for $82,500 per unit and the building is a shell that needs electrical, plumbing, sprinklers, drywall and fire resistant stairs. 

There are contracts for the trades, electrical, plumbing, and mechanical.