In today's market conditions, it is not uncommon that you are purchasing based on upside vs actuals, so please be aware of that and ask yourself if your investing thesis aligns with this.

Before you go raising rents do an honest assessment of the condition of each unit. 

I don't know condition of property, but a turn over will likely cost $1500 for wear and tear items.  

My thinking: If I can build 3 more units, get the rent that I expect i will and develop based on the budget ive researched- selling this property in a few years as a commercial property based on a 6% cap rate (which seems to be the standard for this condition and location from what I can tell) will be the most profitable way to capitalize on the house.

All the Las Vegas multi-family properties that I am aware of are in poor condition.

The number one factor of what you buy is how much capital you have access to...that means its a combination of purchase price, location, condition, and availability of inventory...I would add these as metrics alongside the cash flow.

They're on month-to-month with long-term tenants who haven't seen a rent increase in years.Have a nine (remaining) day period to gain access (due to tenants), assess conditions, and either continue or pull out of the deal before earnest money is due.The problem we're experiencing is that buying as a package strains our liquid reserves to an uncomfortably tight level.

It’s in pretty decent condition no work needed. 

Granted this isn't an annual occurrence, but depending on the condition of the property, I would say you are light on Capex.  

Therefore water/energy efficiency is of the tenant's concern and not mine, in addition to the condition of fixtures within the suite.