I asked him several questions of how he ran his units as far as utilities, rent and such as I was considering buying his neighbors property. 

I’m admittedly up on TX contracts, but in general, the final walkthrough by the seller is to ensure nothing has materially changed since the contract/inspection.

I am looking to start off with Fix & Flips and hopefully leverage my capital in the future by acquiring cash flow properties and utilizing the BRRR Strategy!

It is fenced off and not being utilized.

I'm considering converting the utility room into a full bath but wasn't sure if it'd help increase rent and value as much as how much cash I'd put into it.

Here is the quick pros and cons on both.Gloucester: Pros -  Good tenant pool, strong schools, most houses have public utilities, consider the more desirable area of Sicklerville by the local populationCons - higher taxes, pulling permits takes the full ~21 days, higher home prices, overall thinner marginsWinslow:Pros - Lower cost houses, rental friendly township, strong demand for rentals, slowly up & coming in certain neighborhoods, lower taxes, overall fatter marginsCons - Lots of C and D neighborhoods and lackluster tenant pools, poor schools, the more east you get the more well/oil/septic you find, considered less desirable area of Sicklerville by the local populationBy the numbers both GC and WT have similar rent rolls only off by $100 to $200 depending on the house type, therefore Winslow you will net more but have a slightly riskier houseAgain this is just a general view, you'll want to look at each sub-division as there are massive swings within each twp (Ex: Brittany Woods compared to Cobblestone in GC)

Bathrooms, toilet rooms, closets, halls, storage or utility spaces and similar areas are not considered habitable spaces.Habitable space requirementsCeiling height-RequirementsR305.1 Minimum height.Habitable space, hallways, bathrooms, toilet rooms, laundry rooms and portions of basements containing these spaces shall have a ceiling height of not less than 7 feet (2134 mm).Exceptions:1.For rooms with sloped ceilings, at least 50 percent of the required floor area of the room must have a ceiling height of at least 7 feet (2134 mm) and no portion of the required floor area may have a ceiling height of less than 5 feet (1524 mm).R304.4 Height effect on room area.Portions of a room with a sloping ceiling measuring less than 5 feet (1524 mm) or a furred ceiling measuring less than 7 feet (2134 mm) from the finished floor to the finished ceiling shall not be considered as contributing to the minimum required habitable area for that room.Floor space- RequirementsR304.1 Minimum area.Every dwelling unit shall have at least one habitable room that shall have not less than 120 square feet (11 m2) of gross floor area.R304.2 Other rooms.

Rent - taxes - insurance - utilities - maintenance.That's a good place to start.

I am looking at an older 6-plex to flip or BRRRR with shared utilities (master meter). 

@Brad ParishPlease be sure that you do not re-use proprietary copyrighted material.