Make sure that  all utilities are turned the day you close the property (provided electrical and plumbing are inspected and in good and safe order).  

We've been using a property management company for the duration, and I suspect that they would have a pretty good idea of some deals to be made.I'm just not sure how to utilize this equity that is available.  

What I think I'm going to is attach this addendum I found online that specifies I'll be sub-metering the two units using option (b) formula based allocation:"If a Utility Bill is sent, each Utility Bill shall be based on either (a) an estimated or actual reading of the sub meter for Resident’s Unit, OR (b) the previous month’s actual bills for the Utilities for the Property allocated to Resident pursuant to an allocation formula based, in whole or in part, upon at least one or more of the following components: the number of Units at the Property, the number of occupied Units at the Property, the square footage of the Unit, the number of occupants in the Unit, and the number of bathrooms in the Unit.

If so, ask them for a line of credit for the amount that you planned to utilize.

@Todd Hays Realize what utilities the landlord is responsible for each month and what each tenant is responsible for monthly as well.Would also check out neighboring apartments and see what the condition of this one compared to the others are along with comparing the rental rates.

And Pascoag (in Burrillville) even has its own utility company (!).

Look into the cost of sub-metering if the utilities aren't already directly paid by Tenants.

The only catch is the HOA is $260 a month plus $65 hazard insurance plus $200 cap for utilities water and lights, internet comes in HOA dues.

I will give them the last 30 days rent free and the rent covers all the expenses and utilities. 

Also, can you pass utilities to tenants?