If you’re looking at retrofitting to separate heating for each unit (like furnaces or mini-splits), you might be looking at a higher upfront cost, but it can shift utility expenses to tenants and improve your NOI.I’d factor in boiler age and efficiency when analyzing deals and if it’s near the end of its life, negotiate a price reduction or a credit.

Need to watch out for utilities like water meter, electrical, gas, and sewer.

@Chris Collins  Tenants usually pay all utilities. 

I would also try to minimize expenses through decreasing cleaning costs, installing smart tech like a thermostat to control utility costs, etc.5.

However, if you intend to work with a hard money lender or utilize a short-term loan product, you're on the clock for repayment, which can be stressful if things go sideways. 

Replacement homes will be climate hardened, smaller, functional and include consideration for the type of infrastructure, architecture and sustainable/durable materials utilized. 

@Alecia Loveless is correct--tenants need access 24/7 to their electric service panel, water and heat, assuming those are individual utilities for each unit. 

Quote from @Elisabeth Lernhardt: Today I found out, that some of the utilities were not in the tenants name!

I’ve heard that this neighborhood doesn’t really have any problems from a social worker but outside areas aren’t good. 3/4 units are currently rented at $900 each, renters pay utilities.

I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).