GRM and cap rate both looked great, but when we pulled utility records, we found heating costs in winter were brutal because of old, inefficient systems.

At least in my area, it's cheaper to own a condo with the HOA dues than it is to pay for all the utilities, snow removal, waste management, maintenance, etc, that goes along with an SFR.

Many places only allow utilities in the owners name.

Land is valuable as I could purchase a new mobile home and install and less costs since utilities are already on the land. 

I am NET cash flowing just over 1k (includes maintenance, repairs, cap-ex, vacancies, utilities), which is pretty good considering this is in SoCal.

Make sure everyone knows a cleaning schedule, expectation for common areas, how are you splitting utilities, guest policy, etc. 

Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum.

Originally posted by @Kelly Watkins:Residential developers in Wichita pass the cost of the neighborhood utilities (sewers, streets etc..) onto the buyer.

  $31k after tax annual income - $11k rent = $20k or $1,600 per month net income left to cover all other expenses (utilities, cars, insurance, groceries, kids, activities, etc.).Median household income for 38128 is $41k or $36k after tax

Is $107k your true net, or do you have any other expenses (mortgage, taxes, lodging taxes and fees, insurance, utilities, landscaping, WiFi, etc.)?