Renters supply the appliances, which they would take when they move out.

If there were 5 rentals out of 10 listings, that’s a 2-month inventory of units. 2 rentals out of 10 listings is a 5 month supply.

On a crazy note, over the weekend we found a shed on the property filled with bomb making supplies!  

However, the demand for small (3-4 unit) multifamily of DECENT QUALITY far exceeds supply.

Haven’t looked into Fredericksburg much but what’s the multi family supply like there?

The US added 20% more available dollars in 2020 and that money has to go somewhere.https://www.cnbc.com/2020/08/05/the-ballooning-money-supply-may-be-the-key-to-unlocking-inflation-in-the-us.htmlRelated question...

The supply here is super low though!

Would 60/40 or 70/30 be more fair until they can supply 30% of the property purchase so we're sharing some more risk?

I suspect, like most things, supply and demand has some impact.

I am also planning to have my maintenance guy that is updating the other unit with me to go down to the basement and take a look at the water meter and get a list of supplies needed to split it.