Labor/material are going to be different and need to factor that in4) new roof, new HVAC, new water heater, ac panel, replacing plumbing to PVCThese are very variable, if you are getting this from a licensed guy to do it and unlicensed.. is it a big shop or a local shop doing it, is the GC doing it they will put some money on the top so it will be more money5) framing (creating new bedrooms or baths)I would get all these quoted from a good couple of licensed guys and unlicensed to know your numbers to cents

No extra fees added for repairs, I'm allowed to contract my own people via the PM to do services(HVAC, lawn, water heater, etc.)

If this concept is unfamiliar, then continue to ignore it.In closing: The dangers of shifting the timing of your income, expenses, and business transactions.A purely mathematical exercise may indicate some beneficial timing for this or that.

Improve the grade if water flows toward or pools near the house.

Water heater 3 years old.

You mentioned that you've been paying water / sewer for all 4 units. 

ON the more risk type product we do land speculation and Land entitlements but the returns blow most any cash flow at the the same dollar amount out of the water..

For sure PG&E requires this for gas and electric, and I think most jurisdictions require it for water and sewer as well. 

I want you to feel the pride in being told all your accomplishments over 10 or 20 years are pure luck by someone afraid to get started.

I generally agree that buying SFH as first investment is an easy way to test the waters; however, if you’re set on REI I suggest buying a duplex or quad.