If rent is 100% covered by Sec. 8 this could be for a deposit, utilities, late fee of some sort. 

I am also a part time Realtor, so I can also utilize my commission in the deal. 

All are on one meters (water, sewer, gas, and electric) and owner pays all utilities.  

These number include all utilities so you’ll need to adjust them down $100 or so if tenants pay separate utilities and of course take them with a grain of salt and run real comps when your looking to put in an offer.

It’s easier to commit to stay longer when the utility costs aren’t crazy.

If you want to utilize the equity, rent that property out and hold, refinance

Lessons learned: - Negotiate more based on repairs if they come up on an inspection report, especially if its structured to be paid out of pocket after closing (as this lowers my Cash on cash return significantly)- Minimum cash on cash return I should be going for is 15%, 7% (Cash on cash return)-10% (cash on cash + principal pay-down) is a rate I can easily achieve through boring index funds on the stock market and likely not worth my time and much more of a liquid investment.Challenges:- House had a weird layout that made it a 2 bd/1 ba (utilizing a enclosed sun room as the second bedroom), which gives me some worry about future rents.- Communication between the PM & the existing tenant was not great during the purchase process (had to reschedule the inspection three times), however communication between myself and the PM after closing has been okay.- Scheduling repairs after closing has been tough as a result of the holidays & general lack of labor.Rough estimate of numbers (assuming 5% vacancy, $780/yr in repairs/maintenance, 10% PM fee, $480/yr insurance, $1227/yr property taxes):Current:Expected based on Rental increase to $670 (assuming tenant accepts increase, rental increase would be starting 02/01/2022):Expected if tenant decides to move due to Rent increase (PM company estimates it to be possible to rent at $725-750/mo; keep in mind this doesn't factor in costs to make rent-ready (if any), as well as the cost of getting a new tenant):

Especially unpaid utilities.

It requires a bunch more renovations, and all you really gain is that the property has the two addresses (making each unit conform to occupancy limits, vs the whole home) and you can have separate utilities (which is pricey to do, and you can submeter if you really want to anyway).

Utilize the benefit of a conventional owner occupied home loan, and place the lowest down payment available to you without PMI.