Roof, Electric, Plumbing, Central air/heat recently done (3 yrs approx).

We want to rent the 2nd unit and move into the 1st unit which is a a two bedroom 1 full bathroom.We are currently doing some renovations to the 1st unit to make it polished for us to live in comfortably.Eventually, we both want to go our separate ways purchasing our own second homes and making our shared inherited property entirely a rental to help pay for our own ventures.We are both first time homeowners and learning as we go and happy to have stumbled upon this site.Although we paid off the mortgage of the home, it needs some renovations to get it up to date and fresh looking to attract renters.We recently updated the heating systems to high efficiency tankless combination units.However, that was a huge financial investment on our part and are looking to keep our spending down to what is essential, but will help get the house great looking for renters.Any advice on how to maximize our rental profits in this kind of scenario?

I'm noticing that heating and hot water in places like Pennsylvania, New Jersey, New York, Chicago, Ohio, are a large part of those expenses.

I did some research and sounds like it might just be the heating elements?

Purchase price: $65,000 Cash invested: $10,000 single family built in 1952 all brick 3 bedrooms 1bathroom .21 acre +-hardwood floors heating and air conditioning no garage What made you interested in investing in this type of deal?

Property owners typically cover water and sometimes heat.

In case it's helpful, the property is a SFH row home in Philly, approx. 1200 sq ft.I don't have much experience with the heating / HVAC repairs so appreciate any guidance.

Purchase price: $137,887 Cash invested: $30,000 Sale price: $201,000 3/2 1650 heated sq feet.All brick in great neighborhood How did you finance this deal?

There may be other costs like heat if they aren't separate & lawn care/plowing which could eat into your cf. 

@Terrez JarrettHere's a case study for you.We bought an 2 bedroom/1 bath half-duplex SFR with central heating and air in November two years ago for $25,000 cash in the greater Pittsburgh market.