Lastly the owner admits that they are going through bankruptcy because of utilities.

Out of town investors sometimes these more rural areas require hefty deposits for utilities for the complex if you are not local.

He rents it as furnished units and he pays utilities.  

For example:Laundry IncomeStorage unitsPartial utility reimbursements (if, for example, if you charge tenants a percentage of the utilities because you have to pay them.) 

Utilities, age, maintenance.

By utilizing borrowed funds it is possible to do more expensive projects or to do a larger volume.An experienced Hard Money Lender is a good “deal barometer” in that the good ones are in the streets daily and can quickly analyze a deal.

I've utilized the wholesale calculator on BP and I believe come up with a good offer but would like any additional insight the community can provide.

I recommend getting a sub-meter if your utility company allows.

Hey thanks for the response.HOA is included in the numbers, of $166/mo, as well as insurance, taxes and utilities. 

My thinking is I can utilize the cash out strategy down the road and move on to other properties without being tied down for using a big chunk of my capital.