-it's not separately metered, all utilities covered by owner-no pool or common areas besides laundry.

.✅ Indirect Expenses (Office Overhead, Admin, & Labor): Harder to allocate, but common methods include:2) Common Billing Methods🔹 % of Gross Rents – Many PMs charge 3-5% for admin overhead.🔹 Per-Unit Fee – Flat $10-$20 per unit/month for shared costs.🔹 Time Tracking – Track staff hours and bill properties proportionally.🔹 Software Tools – AppFolio, Buildium, Rent Manager allow bulk allocations.3) Best Practices✔ Use a Spreadsheet or Software – Track expenses by property before invoicing owners.✔ Be Transparent – Define billable vs. included costs in your PM agreement.✔ Avoid Surprises – Owners expect clarity on additional charges.

A common approach is to include heat in the rent and adjust pricing accordingly.

Quote from @Matt Schreiber: I know this is a common question but wanted to hear specifically from investors or realtors that are seeing MLS cash flow for 2-4 unit properties.

Already separate meters.Dated units, run down common areas. 

You can end up with net income or, as is very common for rental properties, with net loss.

Welcome and would love to connect as we have a lot in common!

First impressions is that they are deeply competitive and last minute changes are common. 

Could the shared management function create a "common enterprise" argument that might compromise the intended separation between series?

Developers who position themselves now can capitalize on the early-stage land appreciation and control supply for the coming years.Johnstown: A Data-Driven Market AnalysisLand Price & Availability:Johnstown land prices: Average below $100,000 per acre.Availability: 15 to 50-acre plots are common, unlike New Albany’s scarcity.Target purchase: Institutional-scale developers seek $1M-$5M land acquisitions for subdivision planning.Comparable markets: Similar suburban expansions have seen 3-5x land value growth post-infrastructure improvements.New Construction Market:Average new build price: $458,000 (Johnstown 2024).Lot acquisition targets: 10-15% of home sale price.New construction inventory: 13 homes sold in the past year, signaling early-stage demand.Infrastructure Considerations:Water & Sewer Expansion: A critical factor in large-scale horizontal development.Utility availability: Developers must conduct due diligence on rezoning and service expansion.The Johnstown Horizontal Development FundThe best approach to maximizing land gains in Columbus is to structure a horizontal equity development fund, focused on acquiring and entitling land for large-scale residential development.Fund Strategy:Land Aggregation: Acquiring 15-50 acre tracts in Johnstown for future subdivision.Infrastructure Planning: Working with municipalities for water and sewer expansion.Entitlement & Rezoning: Increasing land value pre-development.Sell to Builders: Deliver finished lots to national and regional homebuilders.This strategy mirrors successful suburban expansion models seen in cities like Phoenix, Austin, and Raleigh, where early land investors have generated 5x-10x returns.Why Now?