I would love to get this property as I see a lot of value add potential if I can eliminate some of the expenses from the utilities. 

(I would advise if the answer is yes to make sure no viscous breeds are allowed and also get an extra security deposit and possibly extra monthly rent.)Also, something that helped us that you might want to consider is for your credit check is that the score matters, but we look deeper than the score if there are things that come up (and in New Brit there are usually things that come up).If tenants are skipping out on "modern life essentials" like utility bills, cell phone bills, car payments that is a huge red flag.However, if it is a result of medical bills or student loans (or possibly a foreclosure during the crash) you may want to look past some of those.

(Not sure if the units are self metered or not - am I high or low on utilities?)

Find out why seller is selling, ask for a rent roll, what repairs or updating of mechanicals and roof has been done, how long seller has owned the property, are there pets allowed, are taxes current, has there been any insurance claims where seller did not use money for the repairs, ask for sellers disclosure, are there separate water and electric meters, does rent include utilities or not, are there long term leases or month to month, does deposits transfer to new owner, if there is pets, is the deposit a fee or deposit.

You can take it up another level and if you end up in a place where you have a modestly sized 2BR you can find a roommate and have them pay half the market rent for the unit and split the utilities and then you could be in the living free/making a small profit area there.

The interaction is very valuable.I feel that the “go see your CPA, tax preparer or Attorney” is implied, and I don’t think it is necessary to start each post with a full IRS circular 230 disclosure.

We will also guarantee homeowner utility bills.

@DennisI don't believe that you can exceed 4 units when utilizing a 203k.

Utility bills, taxes, insurance, lawn care, mortgage principle & interest

The VPS is the maximum subsidy the Housing Authority can provide toward the contract rent (rent plus utility allowance for utilities, stove or refrigerator paid or provided by the tenant).