And all this is separate from the simple fact that if rents are going up you are in a harder place. 

Heat source is using electricity, I may consider adding a separate meter for that and let the tenant each pay their own.

Is this separate from your underwriting model? 

Hello AllDo you create separate bank accounts for each rental property?

A few recommendations to add to this thread: - Oil based primer goes on far better than water based primer and covers the previous paint and bare wood more effectively (just make sure to use a separate brush from your water base one and clean it out with paint thinner) - You can apply a water based paint upon oil based primer once it dries without a problem.

You can purchase it separately but it is expensive.

I was able to get the duplex (value 190K) along with a separate pin building lot for 195K.

Personally, I separate CapEx/repairs/vacancy from cashflow, because these are not fixed expenses but rather a savings goal each month in preparation for irregular costs. 

I had the idea that it would be a fun project to separate it into lots and partner with a builder to put new homes on it and sell the homes (in addition to updating the other house).

They have a shared wall, but are separate parcels.