This is very common, and highly successful.

Even though buffeted by high interest rates and spiking insurance premiums, overall prices are still rising.

I am left to wonder, though some investors with SFR's are doing it successfully, is the risk too high for the reward?

That's including high Baltimore property taxes, expenses, mortgage, etc. 

- Highly unlikely you'll be able to get separate water meters installed and submeter system probably too expensive for this few of units. - So, that leaves electric & gas.

When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.Some key details:My husband is active duty and will retire in 3 years.We have one final move coming up this summer to Raleigh, NC.Our current debts are crippling us—the high interest makes it tough to stay afloat every month.The plan me and my husband are thinking bout:Sell the rental property.Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.This wasn’t our original plan, and we hate the idea of using our equity to pay off debt.

Highly recommend partnering with a local realtor who knows the market. 

Many of these lenders allowing 2nds behind them are more expensive capital (10's - 13's in our current market [high rates - but now showing signs of coming down]).

I own a 4plex there and I have one unit that has been vacant for about 4 months now and this seems on the high side of vacancy time.

to be clear - lots of other issues, lots of other challenges, and BRRRR is difficult right now with interest rates so high.