So, in reality, you're going to have to put in 1/4 of certain expenses, like utilities, on the back end of these analyses (Uncle Sam wouldn't like it if you tried to expense all of the utilities to the other 3 units and get your own personal heat and electricity as a tax-deductible expense anyway...).

We have done  rentals rhat are  2 or 1 of 3 bedrooms for transfering professionals, the rate is submarket but you get a higher quality tenant and the heat paid.

And if you do rent, a property manager or super that is local is always helpful, even if you can hire someone on an "as needed" basis to take the late night "my heat isn't working" calls, that alleviates a huge amount of pressure from an out of state landlord.  

Here is an example from our core rental agreement:MAINTENANCE OF PREMISES.Landlord will maintain all electrical, plumbing, heating, and other facilities and appliances supplied by Landlord in reasonably good working order.Landlord will perform periodic inspections of the premises, no less than once a year, for the purpose of property maintenance and repair.Landlord will notify Tenant in advance of the inspection.

Finally found this crazy small 700 square foot home at 22 University Court in Normal, IL. 2 bed/1 bath Closed yesterday:Paid $74,500Monthly rent = $1,000if I use a Property Management company I should cash flow $372.67if I foolishly try to PM it myself it can cash flow $472.67 - but I live an hour 45 minutes from here so I doubt I'll be doing that.Cash on Cash ROI is 5.56% While most families would NOT want to live in such a TINY HOME - it's ideal for college students as they will have low cooling/heating expenses from such a small dwelling.  

Baseboard heat, or baseboard trim?

Most of the companies that were doing it were fly by night concerns and reselling the old heating oil.You need to be informed about tanks here in NJ.  

I have no idea how you guys get your tenants to agree to pay toward repairs on your properties, appliances and heating systems.

That won't effect rent if the heat isn't free anymore? 

I'm looking at a few properties that don't have central AC system.How much would it cost to add central AC and heat to an old house that has around 1100-1500 sq ft in Los Angeles area?