The sale and acquisition closing benefits are real and material.  

My vote is if you are going to continue to buy, you need to utilize leverage.

There's some excellent relevant & recent material from very high quality individuals on this forum.

If the didn't do that then they have converted to LTR or MTR rentals at a steady monthly income and have the tenants take over the utilities which offsets the loss of more income.

With the purchase, the rehab, the closing costs and the holding costs (hard money, taxes, insurance, utilities) our all in is around $200,000, but we have created $40,000 in equity.

Legal Implications & Ramifications : As an example; the iconic PCH homes in Malibu and many in the upper foothills might not permitted to build back, certainly not to the same extent or materials.

Build to rent is a great strategy if you are able to utilize some competitive advantages in your market.

In a short verse, I don't have the numbers :( but in general I just don't know if what I want to do in the long run which is BRRRR would be a good idea if I start with utilizing a VA LOAN for a duplex to begin with.  

Quote from @Account Closed: I would say.. can you save the tub and re-glaze and redo the tile on the wall can save you $1,000 or more just on materials and labor..

I doubt including utility fees in in the PMA.