Implementing water-saving initiatives is a smart way to reduce utility costs.

Originally posted by @Kelly Watkins:Residential developers in Wichita pass the cost of the neighborhood utilities (sewers, streets etc..) onto the buyer.

There are definitely faster ways to grow your portfolio fully utilizing debt.

The important things to consider about HOA fees is that they usually include some utilities: Water/Sewer, Trash, sometimes shared amenities like gym, clubhouse, pool, and they are saving you the time and headache for property maintenance: lawn care, tree timing, roof, siding, etc.

I started looking in surrounding areas and found that the markets less established or still rebuilding had much higher cap rates.

Its good that you've already established some target markets, I'd recommend diving deep into 1 or 2 markets, then branching out. 

Utilities, including common area will also be different.

We try to work with the same subcontractors as much as we can - it's the only way to establish a long term relationship. 

But then because they have established such credibility, they can easily buy now with great rate and terms from lenders because they have the track history. 

Prepare for additional costs: If you’re adding units, you’ll likely need to address the water meter situation and possibly upgrade utilities.