My long term goals are to utilize the BRRRR method to build my portfolio out of state (Arizona is currently a bit too hot, pun intended), and eventually move into larger deals. 

However, only the fixed ones allow you to benefit from solving the underlying problem.If you have all your residents on a fixed utility bill and then you spend the money to stop the leaks, then you benefit from solving the problem. 

@Nina TelthorstThat's very true.Properties have to be comp'd against "like" properties that are similar in style, size and utility AND that have closed in the last 6 months or so to have an accurate picture of value. 

That would leave an option to utilize $26,000.00 in equity based off of the $238K loan.That's not a huge chunk of change but if you can also lower the rate there may be a tangible benefit on top of the cash out.

Do you include utilities in the total rent?

Have you utilized tax planning strategies in the blueprint phase?

When analyzing a rental and trying to calculate cash flow, how do you estimate utilities and expenses?

Ask your realtor and they can assist in getting the documentation.In addition, if you wanted to know a more precise number for simply running numbers, you can reach out to the utility company and they can give an average per zip code or even sometimes provide average utility costs for a specific property.

PlusesThey work a lot and whenever able, they are out of the units = less utilities. 

Stopped paying utilities, removed his AC unit but didn't put the window back on so now there is a hole in the wall.