I am currently a Plumbing & Heating Project Mangers/Estimator, and withhold a Master Plumbing License in MA/RI.Any help anyone may need please let me know also!

I have seen a couple decent deals in Houston but that market is still a bit over heated too.  

Below are the vitals, would appreciate any thoughts.Purchase Price: $2,350,000+/-Units: 170 (All 1000 SF 1/2/3 BR)Current Monthly Rent: $76,500/mo Annual Rent: $918,000 Vacancy: 33%Effective Gross Income: $605,880Taxes: $21,000Insurance: $15,000Management: 5% (will be partially self managed) $30000Utilities: $6,000 (only common area electric and electric heat, all other separately metered)Repairs/Maint.: $50000 (I own a construction company)Marketing/Promotion: $1,500Trash: $3,000Supplies: $5,000Water Testing: $3,000Misc: $1,000Total Expenses: $145,000NOI: $460,880Cap Rate: ~18%Property is in overall good condition but could use some upgrading.

I added links below to cover your interests in SFH and small multifamily units.https://www.biggerpockets.com/renewsblog/2015/05/26/real-estate-financing/ (RE financing)https://www.biggerpockets.com/renewsblog/2015/03/27/financing-options-rental-property-guide/ (financing options for rentals)https://www.biggerpockets.com/renewsblog/2014/03/06/bp-podcast-060-serge-shukhat/ (0-68 rentals in 4 years) https://www.biggerpockets.com/renewsblog/2014/08/02/passive-real-estate-investing/ (slowly building wealth through passive investing)https://www.biggerpockets.com/renewsblog/2015/09/30/bought-rehabbed-rented-refinanced-14-properties/ (BRRRR explained)http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)https://www.biggerpockets.com/renewsblog/2016/01/13/top-8-real-estate-calculations/ (real estate calculations)https://www.biggerpockets.com/renewsblog/2014/03/13/investing-multifamily-ben-leybovich/ (Podcast 061 - How to succeed in multifamily investing) https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a small multifamily property)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

As soon as you name more than three the total value of list can be no more than 200% of the value of what you sold.This can be an issue in a heated market where you're chasing properties.  

I'm wondering how much I can expect to pay to have it separated into 4 separate gas and heating systems.

I do know it was a code enforcement officer, and I think it was a lack of heating issue...but, yeah I don't have all my facts.

All utilities are off, so there may be hidden costs of AC/Heating and Plumbing issues, although it doesn't look like it.  

I looked at the building code and this room seemed to meet all the criteria (large size, heat and electric, plug points, dresser, easy access to bathroom) - so we are good to go! 

It get's you into the investor mindset which I think is a crucial element for being successful in this business.