I couldn't tell you weren't trying to flip, @Brian G.  As

I recently started a new career as a Financial Advisor after spending 5 years in the oil & gas industry.

Here's the summary (somewhat ignoring the listing broker's analysis which seemed overly optimistic):28 Unit in Chicago's South Shore(6) Retail - (3) rented, (3) vacant and assumed to need moderate TI(14) 1/1 apt (8) studio apt Asking $845,000Assumed vacancy rate of 20% (applied to both retail and residential units)Property tax per the county stays flat (AV is 120k which is 10% of the EV @ 7.841% if I understand the assessor's logic correctly)Total Gross Income - $308,400 (annual)Retail (2) units 62' x 15' - $600(1) unit 62' x 30' -  $2000(1) unit 52' x 25' - $2000(2) units 25' x 15' - $600(14) 1/1 apt - $950(8) studio - $750Operating Expenses - $177,000 (annual)vacancy $61,680capex and repairs $30,840water & sewer @ $11760insurance $6000electricity $2400 (assumed tenants pay electricity and gas, thus this is for common areas)garbage $6480property mgmt $30,840property tax $28,200Thus NOI - $131,400Thanks again for any feedback you might have

In general, tenant pays gas, electricity (assume meters are separated) and landlord pays water/sewer/trash.

The drying time of such a unit is longer than a conventional electric or gas clothes dryer and many tenants will find it unacceptable.Another option is a front-load "apartment size" washer & dryer.  

They have been paying taxes and for upkeep (minimal gas/electric & snow/lawn care) for a vacant property, which seems kind of insane to me. 

One told us to move a gas hot water heater ($1200), then the other said we had to recertify the chimney liner, change the vent, and add a special drain line to the black catch basin rubberized pan under the heater ($1000 more) because somehow standing water in the pan with a water alarm wouldn't be obvious that the hot water heater was leaking.In shows like Flip or Flop you can watch where whole additions have to be demolished or all the drywall / tile removed to take the construction back to the framing stage / open electrical / plumbing for thorough inspection.

No experience with this asset class. I'm good with multi family but this is a different animal. Athens GAMom and Pop Owner ready to retire wants to sell real property and his business. No current franchise. 2016 tax r...

I'll have to get to the bottom of it all this week.If you guys started rehab and did separate utilities, would you only pay to separate water, or would you pay to separate water / electricity/ gas / etc. ?

My properties are all metered separately for gas and electric, so the tenants will pay those.