Ok, false alarm.

Includes:  contact sheet for us for day/emergency afterhours, security code for maintenance for any alarm they have/get, etc. etc. etc. 

I can tell you from working with my clients selling multifamily that if an area is all utilities included then you are wasting money trying to stick it to the tenants.They will simply move down the street and I have seen it happen.Metering water is not as expensive as electric in my area.So if an area say has 80 percent of buildings individually metered than the tenants for the area are conditioned to it for the most part.You just might have a building that was never converted.You have to analyze your hold period and recovery costs over time.Sometimes it might make sense after doing the cost analysis to submeter water but leave the electric alone.So first see if sub-metering is common in your immediate area.If it isn't the tenants will most likely move.If it is common then step two is determining if it's practical to sub-meter most utilities or just one.I can tell you with older buildings this is the number one concern of my investor buyers.That owner paid utilities included in rent will outpace rent increases and eat into future returns and projections.Utilities keep going up more and more at an alarming rate and investors want to offload these cost onto the tenants.

Definitely heard nightmares where the contractors will not work in certain areas due to being robbed multiple times...either things right out of their truck or from the property itself, despite alarms.

Recognize that there might've some expenses that you would not normally think of- like sprinkler system inspections/certifications, active fire alarm monitoring...

Very alarming to me.-- Personal buying power in the US continues to decline and has not kept up with the inflation of life’s essentials, such as food, transportation, taxes, and insurance.-- Consumer debt is on the rise once again.

I just found out that the tenants are going ahead and installing an alarm system.

LOL.... can it happen sure.. does it sure.. do they fail at an alarming rate 6 to 12 months after they do the mod  you Bet ..  

We were ready to see the commercial building, and as soon as the agent unlocked the door the alarm went off!

Even with a water alarm you wouldn't have know what was happening,, nobody around to hear the alarm..