The original kitchen had no wall space for a refrigerator, and the back of the refrigerator was just hanging out for all to see.

I am limited to propane, oil, or electricity.  4.  

The owner pays about $850-900 in utilities (electric/water/direct TV). 

A big question mark for us however is the electrical system.

If it needs to be converted, can he just pull the necessary system permits (splitting electrical, HVAC) vs going through a complete build permit since the space is already a finished livable space?

Now granted, I plumb and wire to code and since it was faster and easier to do it myself, I chose to do the electrical and plumbing.If you have the energy to do 30 in a year, you would make far, far more money with less taxes buying Subject To and selling to tenant buyers who give you 10% down and do the repairs themselves.

For electric, usually tenants pay for it, sometimes I noticed tenants get their own window units when they think the electric is out of line.To give you my own experience, the home I live in, I once had a 15,000 BTU unit, 110 volts in the living room.

Not much plumbing or electrical expected.

@David Ribardo and @Joe C jump in with any edits/comments you might have Purchase Price $149,900 (50K a door rule looks good) Three units total gross/month 2239 (1% rule looks good) Fixed expenses: Taxes 2517, Trash 1125 (375/unit in Allentown unless private collection deal previously arranged) Insurance: 703 Common Electric: 519Water/Sewer: 802Allentown Fee: 225 (75/unit/year) Variable Expenses:  Vacancy: 2239 (One months rent of each place, or 8.3%) Management: 1800 (50/door/month) CapEx/Maintenance: 3000 (1000/door) Total Operating Expenses: $12,930 Total Gross Income: $26,868Net Operating Income: Op Ex - Gross = $13,938 Divide your NOI by the cap rate your looking for and you have your offer price.

If you need any electrical work done Eco Electric is the best.