This takes a little more work, but it's the most fair and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

Meanwhile, I've rented to young people that earned 4x the rent and they still struggle because they squander money on a big truck, 90" 3D TV, etc.

This takes a little more work, but it's the most fair and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

If you feel your time has been squandered, as others have mentioned, push the seller for additional concessions whether in the form of closing costs covered or repair credit.

This takes a little more work, but it's the most fair and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

I say this as a lender because I cannot tell you how many first time investors start off with the wrong lenders and squander some of their hard earned capital because of choosing a lender that is not well versed in investment properties. 

This takes a little more work, but it's the most fair and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

This takes a little more work, but it's the most fair and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

This takes a little more work, but it's the most fair and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

@Michael Thomas Galvin You're in an amazing position so don't squander it away buying bad deals.