A nice multi family property that you can do some light fixtures on sounds like a perfect strategy for you so you and your wife can have your own unit.

.), appliances, carpet, and furniture used for residential real estate.7-year Property: Office furniture and fixtures (desks, filing cabinets, safes)15-year Property: Certain improvements made directly to land or added to it (such as shrubbery, fences, roads, sidewalks, and bridges)There are multiple approaches to cost segregation studies including the Detailed Cost Approach, Detailed Cost Estimate Approach, Survey Approach, Residual Estimation Approach and Sampling Approach.If you feel like you or your business could benefit from a cost segregation study, first speak with your accountant to see if the tax savings outweigh the potential costs.

Cosmetic renovations, removed popcorn ceilings, replaced cabinets, replaced counter tops with butcher block, new fixtures, and fully interior painting What was the outcome?

I'm slowly making smaller improvements, like paint, light fixtures, and outlets, but my townhouse does need some larger repairs, such as new floorboards for my large deck (not covered by the HOA), an overhead light in the master bedroom, and new flooring in the basement.

Like no light fixtures. 

Lastly, it might have to do with the water fixture itself.

If it's a rental in a working-class area, you’re looking at durable, cost-effective materials like LVP flooring and mid-range fixtures.

Something like Moen Lindor brushed nickel shower fixtures.

Next StepsContact 311 or the Chicago Department of Water Management to request a meter recheck or usage audit.If the new bills seem drastically off, request a review for billing errors or adjustments.Consider installing low-flow fixtures or monitoring usage with a smart meter device to ensure there’s no hidden waste.It’s frustrating, but you’re not alone in this!

Additionally, high-income earners with modified adjusted gross income (MAGI) over $250,000 (married filing jointly) may be subject to the 3.8% Net Investment Income Tax (NIIT).For 2025, bonus depreciation is at 40%, so consider leveraging it for eligible property assets like appliances or fixtures to accelerate deductions.