For $1000 a unit you could buy a ductless system that does heat and AC on eBay.  

So one way to look at it would be that without the repairs, they would have essentially broken even over the 2 year period.One thing perhaps worth noting though, is that this is an apartment building (as opposed to your townhouses), so the HOA covers things like the roof and the heat system.... 

Lower heating and cooling cost.

All units rented and separate utilities although 2 of them had electric heat.

Electrical, Plumbing, Heating, condition ExpensesMortgage- depending on listing price Insurance- Landscape Property Taxes- Vacancies- 8.3% (lower depends on area) Repairs- 9% ( Lower if new house) Cap Ex 10% or (183 if new house) Pm- 10% (when mange) Garbage- Water/sewer - Future Return Income increases- 1-2%Property increases- 1-2 % Expense Increase 1-2% Return Goal: 12% COC Return take a look more at the number... this will give you a better guideline 

I'm sure you read 4 hour work week , if not you need toHowever, your generstion needs to learn everything is not always a passionI have much to share on thisProbably will write a bookI'm really a writer, academic by tradeThat forced myself to work against my passionI became a electrician heating and airI can do Sheetrock flooring tilingDo trim work I forced myself to learn intrinsic value so I would not have to pay contractors and eat profits that are so vital to retain in early stagesMost people are like meThey are just ordinaryThey can't create corporations and syndications of raising capitalYour generation has many good ideasBut the falsity of always following passionAnd not understanding of developing left hand in basketball is self defeating and propels disallusionment and neglects to look at one self long and hard in mirror 

A lot of smaller, older 1 bed properties only offer window air and baseboard heat, which is less desirable to tenants.With all that said, Millard is a desirable area, and if the numbers work and you are ok with the drawbacks listed above, I'd still pull the trigger.I talked to the owner of a 4 plex in Millard last week with 1 bed units, window air, baseboard heat, and average rents of $425, and she wanted $200k for the building, which is not even close to what it's worth.

@Ann Marie SutterI hope you like 100 degree heat.

We've also seen the real estate heating up in the area.  

Only downside is you have more infrastructure like sinks, heat & appliances per rent dollar.