The risk meter for that property profile is off the chart. 

This area also has access to the basement of the 5plex which is where the gas meters / water meters are held.

I have spoken with the city and verified that I am allowed to add this unit, we're already under contract to add the meter for power with an electrical company, and have already had the sewer pipes dug and installed under our slab, I am well under way!

Not to mention updating the meters to 200 amp, sub metering the water.

You will most likely be looking at separate utilities so there will be some cost increase in the dual furnce, A/C, water heaters, meters, etc.I'm curious to know what others' experiences have been as I agree with you that cost to build may be very close to existing so for similar prices you'd have new construction.Good luck!

Your percentages may be different, but this will keep my example simple.Apt 1 rental - 100% of expenses are a write offApt 2 owner occupied- 50% of these expenses are a write off, because half is a "rental/roommate"Whole House- 75% of these expenses are a write off because you are only owner occupying 25% (so things like repair to common area, landlord electric meter, etc.)At tax time I print a P&L by class and give that to my accountant.I'm not an accountant and not giving any professional tax advice, but this system while a little work upfront, keeps things really easy and is a system thats worked for me.

We would pull the meter and make up a jumper , just dont get caught , the city frowns upon this 

Are there 4 electrical panels and 4 gas meters?  

If you could get separate meters for utilities, that would help with the expenses.

Water is not sub-metered and costs $450/month by owner.