Possible 2 Unit but some serious questions - Newbie
I have been looking for some time to buy an investment property. 2 units don't come up very often in our area. One was listed just this week and I quickly went to go see it. It is an older house and currently has a 2BR downstairs and a 1BR upstairs. However while looking at it, I noticed that it only has 1 electric meter, 1 gas meter, and 1 water meter. Upon further discussions with the realtor, it has come full circle that the unit is still registered as a single family unit. So to do this right, I would need to put in separate electric. I could include heat in the cost of the rent as it only has one furnace. The water will likely require a second meter and while the sewer does not require a separate system, the sewer authority says I would have to still pay a $2,900 tap on fee, but nothing would physically need to be done - they just want to collect the fee.
I also called the tax assessment office. They said they will not increase the tax assessment unless I add square footage to the property such as an addition or a storage shed.
I'm assuming there are other pitfalls I should be looking for here? Any thoughts or advice are greatly appreciated.