I have seen this many times for water and electricity.

We doubled the rents, but upgraded the furnace (it needed it), HW tank from electric to NG & gave them a scratch & dent stove, washer & dryer that we keep in stock.

Here is a standard for 900-1200 sqft row homes in Philly depending on the neighborhood and assuming nothing is wrong with the foundation:South Philly/West Philly West of 52nd Street: 75-85k (contingent upon underpinning basement which is big expense)-Complete gut, redo electric and plumbing, dig the basement, redo everything, Central AC, turn a 3/1 into a 3/2 or 2/2 w/ a master suite higher-end finishes, touch facade.Germantown Close to Germantown Ave/ Cobbs Creek/ West Oak Lane Close to Cheltenham / Better pockets of Olney: 60-70k-same as above but you do not necessarily have to underpin the basement.

Also new construction is way more energy efficient nowadays which saves the tenants money on utilities which is a huge bd Elliot point.It really boils down to the numbers and available inventory.

Windows, doors, all new hardwood flooring, (most of it in a herringbone design), new roof, new siding & all the electrical & plumbing was completely updated.

You have traded a LOT of time and energy and risk for a higher potential reward.The turnkey option means that you don’t need to do any of the work I mentioned above, this doesn't mean that you won't also have to do your due diligence.

A cost segregation is something done by a qualifying firm/ expert where they separate out components of the building that may have shorter lives Say they do their thing, separate a value for electrical, HVAC ect- and they say $250k of this is all components with 7 years lifes. 

Just to try and  get an ESTIMATE to make an electric outlet for my stove the other day the electricians wanted $100-$150.

Today I received a text from one of my tenants stating I should look at section 375.05 of the Cleveland code regarding utilities, specifically the water as the gas and electric is separately metered at the property.  

Here are general details:-1st floor needs to accommodate approximate 55 parking stall for the 36 units-Parking will take up around 20,000sf of space-The remaining square footage of about 4,000sf can house elevator lobby, stairs, trash, electrical transform, commercial space etc.-36 allowed units at 850sf average size require about 30,000sf of building. adding the circulation and non-residential square footage pushes this number up to a total building of about 40,000sf.