One electrical thing to upgrade.

One of the advantages to splitting the utilities is then everyone will have a vested interest in not wasting water/electricity. 

You know that when you buy it, you're most likely not going to have any plumbing or electrical issues, and all you have to do is simple cosmetic improvements. 

I live in the Boston area and I’m looking at making an offer on a 4-unit property that has every indication it is a true 4-plex (4 main entrances, 4 identical layouts, 4 gas meters, 4 heating systems, 4 electrical meters/panels + common...but there is no record of it ever being a legal 4 plex.

Anything that would suggest electrical and plumbing are not up to code (old)? 

I'm budgeting 50k a sq  (300k) to renovate the interior: plumbing, electric, 5 kitchens, 5 baths 5 new hvac systems.  

If you are in a high tech community like Mtn View, CA the tenants do not mind Cat-6, wanting electric car chargers and will pay a premium.

All those things that you rely on every day such as gas, electricity, water, that can of coke your holding in your hand... in some way shape or form an industrial construction worker had something to do with it.Which brings me to my point.

Within 30 days there will be an announcement that the tenants are getting a divorce.Of course, a third reason is that they are totally nuts I passed on one applicant when the prior LL told me that the tenant called at least once a week to complain that the electrical was smoking and she was afraid the house would burn down.

Not to mention, of the more dangerous jobs, many have lower average salary, including coal miners, loggers, roofers, and electrical pole workers -- all honorable and tremendously important jobs in our society.