Rents would be 2000+2650(util inc)+1200=5850I owe about 360k on the Mtg in NYNY Expenses: Mtg-1700, Taxes-650, Ins-200,Heating Oil-200, Cable/Internet-150, Water-200, ConEd-500, Landscape-150, Supplies-100 = Total of 3850 Leaves me with +/-2000 in profit.. and realistically , after the Tampa mortgage payment is made, I have $400 left over every month.

That being said, you are also going to have to deal with 3x the tenants, and 3x the expenses in some cases (3 roofs, 3 heating systems, etc).Not a tax professional, but pretty sure you can write off the mortgage interest you pay, which is another benefit to getting a mortgage v buying in cash.

He also pays for heat for the entire building, so given the already-low rents, it's not cash flowing like it should be right now.Appreciate your response!

A management company that fixes a broken heater within 24 hours on a holiday weekend is a superstar company, when some tenants may feel a couple hours without heat is unacceptable.

Do you have electric heat then I presume?

So without doing anything I ended up with this brick 3/2 for $40k.The house wasn't the Taj Mahal - I had to put a new roof, repair the heating system, and do a lot of rehab upstairs to the tune of $25k - but in the years I've owned the house I have made over $100k in rent on it, the value of it today is in the $250k range, and after a few years I pulled a BRRRR on it and got all of my original money back out of it. 

We have a fireplace for ambience, not heating.

But, who is paying for the heat in the winter and A/C in the summer?

$8,500.00-Permit -Inspection -Labor -Materials -Balance -Wire Apartment to code 15-4 inch color change LED2-Pendant lights 1-LED Bath Fan -Cat 6 Ethernet run -30 amp electric stove -Heated Bath floor (floor heat supplied by other)2-USB outlets 3-Dimmers -Outlets to code/ outlets or switches on brick wall to be in EMT conduit -Tv outlet -Smoke detector -1 wall accent lighting (fixture provided by other )Hallway-6 - 4inch color change LED-Hallway outlet -Hallway switch -Hang chandelier (provided by other)-Add remote switch for chandelier

There is a Heating Cost Disclosure segment of the standard Chicago lease ad it's asking about a heating cost disclosure.