After the inspection it comes out that despite the structure being sound, HVAC electrical plumbing and roof are pretty old and may need attention soon.

The oven has an electric igniter that has to remain on while the oven is on.

-Tenant made a claim of bed bug infestation first day.

I am just getting started with BP but have had a RE bug for over a decade and have transacted about 10 deals over 13 years.

Now when we look at the surface items (flooring, kitchens, paint, lawn care, etc that is pretty easy to replace but that tenants habitually destroy) vs the items that really matter and can suck up a lot of funds (electrical, bathroom, landscaping, etc.).  

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?