The current owner listed last years income as $51,000, but currently has rents at (for the five separate units): $650, $750, $800, $825, $1125 (the math doesn't totally add up so maybe he changed a rent payment at some point). 

• Should utilities, internet, or services like snow removal/lawn care be included, or not?

I talked to a modular home company in my area, and he said to build a 4 / 2.5 2200 square foot home would be 215k, and then foundation and utilities would be another 160k.

Utilizing empty lot space in this way helps to combat the increasing housing prices and limited supply many markets have been experiencing.

Still, we are looking for more granular data that breaks down by unit configuration closer match to the minimums set for each military, rank) plus estimates for the costs of utilities. 

This way you can utilize the leverage if you plan to scale up in the future.

This is an alternative approach for newly constructed buildings.RESIDUAL ESTIMATION APPROACHThis approach determines the cost of short-lived assets, such as 5 or 7 year property and subtracts them from the total project cost.

Based upon the cost seg studies of my clients, a building will typically yield 25-30% of the total cost that can be segregated into personal property and land improvements.

My vote is if you are going to continue to buy, you need to utilize leverage.

.)$10K out of my $30K line is only about 34% utilization maximum after I take each chunk.