Purchase price: $630,000 Cash invested: $120,000 Completely gutted this property, brand new electrical, furnace, propane, finished basement to create separate unit.New garage with rental unit.

I was an electrician for over 20 years with my last electrical job being shop foreman for a custom electrical control panel shop and UL 508 specialist.

The property has 2 electric meters and one water meter.

Since then, I have started my own cleaning company specializing in Airbnb Turnovers, Commercial Real Estate, and working with Realtors to help create memorable client experiences. 

I have been playing the multifamily game for almost 10 years now, and the GRM is one of my least favorite methods personally since it ignores so many important factors (steam boiler versus electric baseboard heat as an example). 

Quote from @Miguel Del Mazo: It basically says that if the electric bill is twice what the same month's bill from last year was, the overage will be charged as a fine.That's a good barometer actually.

It was high rent, low entry point area but within 6 months I dealt with an eviction and electrical issues.

When we create our business plan, we also include our exit plan.We'll only proceed if we can clean this up, acquire new tenants at higher rents so we can increase our NOI, which in turn should reflect our cap rate and profits.Since this asset class is new to us we will tread cautiously.Scheduled to preview tomorrow. 

The garage does have electric ran with a small meter base.

I currently am a resident here (so distance is non-factor) and I possess some handy skills that could save renovation costs (besides HVAC, structural issues, plumbing, electrical work).