Needs: New roof; possible foundation work (needs engineers report); possible plumbing work (old copper pipes); possible HVAC (has gas central heat and window ACs, would need central air, but seller may be in the process of updating) complete indoor rehab including floors; counters; light fixtures, refinishing cabinets; painting or otherwise fixing wood paneling.

All the mechanicals electrical box, sewer lines, water lines and gas lines are right next to where the garage would go.

i.e, does he pay water, electricity, gas?

If the basement leaks, but there is a drain in the center which typically prevents it from flooding up, would you add a $1000 sub pump anyways?

Trying to figure out how much to factor in for the utilities (gas, electric, water, ect).Anyone have rough figures for monthly utility costs?

Awesome comments - thanks you all... last night we discovered (and should have suspected) the Gas service was shut off due to non-payment, so we also didn't have hot water!!

I have been focused on duplexes, as every triplex I have seen cannot support the utility costs during the winter that the owner pays (one natural gas boiler with water baseboards throughout the property is very popular in my area).

You also have to worry about special assessments, an unexpected expense to the complex that everyone must pay for (i.e. elevator breaks, roof top pool leaks, building needs painting, lawsuit, etc.).The associations can also change the bylaws and rules limiting the amount of units that can be rentals (this happened to me in a residential subdivision with an HOA) or require owners to live in properties for at least a year before renting them out, even if the tenant already lives there and an investor buys it.They also have the power to nitpick you about little maintenance items.

(MLS: 50095070)Here are the details:$312900 / 1br - 5400ft² - 8-Unit Apartment (Green Bay, WI)Asking price: $312,900Rent roll: $3,730/monthProperty management: $404/monthMaintenance: $635/month (includes landscaping, snow removal, and repairs)Utilities: $435/month (Electric, gas, water, sewer)Taxes: $7,100/yearInsurance: $1,500 (estimate)Gross income: $44,760/yearExpenses: $26,288So my question, at what price and financing would this be a good cash flow property?

Local gas station, small offices, etc.Then there is the big commercial with large apartment buildings, retail etc.