Hello Casey Nordendale I agree with Curtis Waters Hobby millionaire is a good action oriented group.

Another gotcha is if you the landlord pay utility bills for the tenant included in the rents.You could have no water leaks and the utility company decides to go up 10% on the per gallon usage rates for water and sewer now that they think the economy is doing better.

or "My ARV was off because the market has cooled down!"). 

I will manage these buildings, I currently manage another 4 unit building in the same area and know with updates the total rents could increase $3-4$k/yr.Current Rents:  $3900/mo $46,800/yearVacancy: 10% $4,680/yr (actual vacancy rate for area is below 5%)Taxes: $3838/yrInsurance: $2840/yr for cash value not replacement cost (getting more quotes)Maintenance: $4500/yrUtilities: $6,500 (owner currently pays common electric, sewer/trash, and buildings are on well so softener salt and electricity for water pumps.)Budgeting $5k/yr for capexLeaves: $19,442 for debt and cash flow

There are a lot of cool projects in The SF Bay Area where people took boring old buildings and reclad them to look very modern.

Are there any value add opportunities such as individually metering each unit, for water and/ or electricity, so the tenants pay these expenses and not the landlord, or is the property already individually metered?

The lot is serviced by municipal water and sewer, and electric is on the road.  

I'm pretty satisfied not having to deal with hot water heaters, lawn care, the roof, etc. etc.

Not to hijack, but I wanted to thank @Thomas Rutkowski for giving me a different way of looking at some life insurance products for RE investing - the water cooler experts seem to bash those types of insurance products on the basis of hear say...Thanks to @Charlie Fitzgerald for showing your position on the matter.

Justin Pergo has a new laminate called outlast at Home depot it water , dog, kid resistance and you have 24 hours to remove spill and a limited life time warranty