We are currently looking at duplexes with 4br 2ba, and it seems that historical utilities combined for these if the owner pays are in the neighborhood of 300-400$ a month.It definitely is a gamble in Northeast Ohio to take the time to install additional meters to pass on the fees to the tenant, but you are right that if it means I have to lower rents to compensate its a wash on income and a negative on the expense I accrued due to metering.

People buying now are gambling that rents will stay high and prices won’t drop , everyone is theoretically gambling.

Otherwise you're literally just gambling, not investing. 

I'm thinking mid size to larger cities with a college, large hospital, sports teams or some kind of seasonal industry.I find this attractive, as some of the cities I've been thinking of moving to, and house hacking in a quadplex, are affordable, which is great for buying.

We enjoy the local college sports (season tickets to basketball and football), travel, hiking, snorkel/SCUBA, fishing.  

There may be other parties that have interest in the property, mortgages, liens, etc.Buying a property with these terms is gambling unless you've done your due diligence.

Land in our area doesn't come up very often, so its a gamble to just hold it and wait. 

These tend to be unsecured and/or to unsophisticated investors which, to me, is gambling.

@Jonathan Casillas Their goal is likely related to girls or sports but we will see if they take to Rich Dad.  

So, it seems the gamble here is what other bidders will drive the price up to.