How old and in what condition are the big-ticket features (roof, windows, doors, flooring, furnace, water heater, etc.)? 

It needed a TON of work when I bought it and the basement had mold and water in it.

The house has serous basement level water damage which is the major part of the rehab and the master bedroom was framed but not finished.

The inspection came back with some dry rot issues along with water intrusion effecting the siding and may need a full residing / recladding of the building. 

Ask the neighbors if they take on water.

Here are a few other considerations:- Water/Sewer, Landscaping- Annual rental permit/inspection fees - check with your local government. - Are all utilities split for each apartment?

I also want to separate the water heater for the units to increase cash flow by not paying for utilities.

All,i am looking at a 9-unit at the moment, that has one meter for electric and water.

He started filling the bathtub up with water and fell asleep and it overflowed and flooded the house. 

"A city proposal to require tracking of municipal and commercial energy use has the potential to help city government, private building owners and tenants save millions of dollars, reduce emissions by thousands of tons and cut water usage by billions of gallons in less than a decade."