I think it would need new kitchens, new bathrooms, central air installed, rewire electric, new plumbing for the bathrooms.

The property basically needs everything - new roof, electric, brick masonry for the structural wall, the upstairs has water damage everywhere with beams needing to be replaced and holes in the floors. 

That seems more related to electric and natural gas hook ups / charges, and not monthly submetered service.https://www.mass.gov/service-details/massachusetts...Call them and ask if you have concerns...I highly doubt you have to absorb monthly utility charges into the rent.

Are the utilities (water, electric, gas) all separately metered for every unit?

Makes for nice task lighting area by area, requiring no electrical.

pests like mice, rats, roaches bed bugs and so forth that are the result of tenant living habits are different. 

It has its own gas, AC and electric utilities. - The rest of the house is a 2 family 3 bed 2 bath for each floor- B-/B neighborhood Numbers: here is the report that I ran through BP rental calculator.

The property is in poor condition needing major repairs (roof, siding, some plumbing, electrical, asbestos removal and much more).

We listed it for rent a week before last Monday...but had a false start...I need to put another $4,000 in electrical work into it before we list it again.

Can the usage of LEDs help reduce electricity bills?