I am in contract on two older MFHs totaling 14 units. It's a mix and match in terms of what utilities tenants pay for between the two properties. Both have submetered electric and one has individual thermostat controlled electric heaters in each unit.

The major expenses that the landlord pays for between the two properties include:

• Common oil boiler (10 yrs old) feeding steam system ($9k/year oil bill) in one property - does anyone have experience with gas conversion/replacement and submetering with a steam system?  Is it even possible? What alternatives should I be thinking about?
• The property with separate metered heaters still has a relatively high electric bill ($2,600, and it's not the water heater because that's propane ($2,200/year).. I'm thinking it might be the common area heating elements. If anyone has any wisdom here...
• Water/sewer ($3,800 and $3,500/year, respectively...if I submeter water coming in, does that also apply proportionally to the sewer? Sewer portion of the bills are the really high costs. Massachusetts law requires installation of water saving fixtures in any unit that is to be submetered for water, which is something I would do anyway.
• Trash removal ($1,500 and $1,200, respectively) - I assume this is not commonly charged back to tenants
• Telephone ($1,000/year)...this was a real puzzler until I learned it's for the central fire alarm system for one of the properties. Any alternatives to this?  Seems so last century...

I should add that I'm not looking to become a slumlord, and i'm sure there's a balance between being smart about costs vs. killing tenants with 1,000 papercuts. In general I believe people should be made aware and incentivized for their own consumption. Where do you draw the line when balancing conversion costs, providing value, property financial performance, and individual responsibility when it comes to utilities?