If you're buying something with tenants in place, verify they've been there for a long enough period of time (utility bills, etc.) so they're not just a set up.

I agree and normally use CoC, ROI, and Cap Rate but here I was hoping to find a heuristic for borrowed capital utilization.

Should it be common courtesy at this point?

Vacancy, repairs, management fees (although you could self manage), any utilities you may required to pay (water/sewer, garbage, common area electricity), etc.

All units electric individually metered with all other utilities being sub-net split between residences makes for higher returns.

A year later and we’ve turned tenants and rightsized the rents to market rate for a monthly income of $3,400 (and, obviously, utilities are on the tenants) .

Assumptions: Lowest Appraisal Loan INCOME AND RATE OF RETURN Purchase Price 154,900.00 Loan Amount 123,920.00 Down Payment 30,980.00 Estimated Annnual Gross Rents 15,540.00 Estimated Annual Equity Paydown 1,700.18 Estimated Annual Principal & Interest ($8,350.19) Estimated Annual Property Taxes ($3,000.00) Estimated Annual Homeowners Insurance ($746.78) Estimated Annual HOA Dues $0.00 Estimated Annual Management Fees ($1,877.75) Utility costs to be paid by landlord (if any) Annual $0.00 Lawn mainteannce costs to be paid by landlord (if any) Annual $0.00 Indirect Vacancy Allowance Annual ($) ($155.40) Repair Allowance Annual ($) ($621.60) Misc. bucket for costs per month Annual ($60.00) Estimated Annual Net Expenses ($14,811.72) SUMMARY OF RETURNS Estimated Annual Gross Income $2,428.46 Estimated Monthly Gross Income $202.37 Estimated Annual Gross ROI 7.84% ESTIMATE OF CASH FLOW Loan Amount 123,920.00 Interest Rate 5.40% Loan Term in Months 360 Estimated Principal & Interest ($695.85) Estimated Monthly Taxes ($250.00) Estimated Monthly Homeowners Insurance ($62.23) Estimated Monthly HOA Dues $0.00 Estimated Monthly - MISC ($69.75) Estimated Monthly Management Fees ($156.48) SUMMARY OF CASH FLOW Estimated Monthly Gross Cash Flow $60.69

I have a little concern about cashing out enough for a down payment and closing costs on my next house.Do you know how common it is to get a "no-closing cost" cash-out refinance? 

When it comes to lending, it is fairly common knowledge that properties with greater than 4 units will most likely require a commercial loan.

Short answer - if it were me I would self manage and I would have tenants cover utilities.