BUT, get a solid quote on utilities.

In Chicago you request a CHA Burden sheet and that gross number minus utility allowance will be what you get in addition to making sure bedroom size is adequate.  

all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable. 

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

Would you be willing to describe a bit more about how you determined your utility caps? 

In many places there are some utilities provided by the municipality.

This property is gonna cash flow over $1000 a month after we're all said and done with utilities mortgage and more.

I have flipped new homes and townhomes but phased out raising a family and now am focused on utilizing my skills which are building, selling, expanding a circle of influence to focus my effort on the above.

On utilities, I bought a foreclosure in NJ and found out it was not attached to Town sewer and I actually had to extend the main line up to my property then put the lateral in and abandon an old cesspool.  

@Marc Robinson some may be more adventurous than me but with septic and well I would walk awayI prefer TOH of course but with $300 lot rent and 19 occupied, utilities included in rent I would pay $400-450k for this