-meter that works well and I know when a tenant is being genuine and when they're lying to me (the inherited tenants are typically the ones who try to B.S. me).

The right answer is to get a 5th meter in your name for it.

All units electric individually metered with all other utilities being sub-net split between residences makes for higher returns.

Separate metering would only be a small issue.. 

Could there be a leak or something wrong with the way the meter was read?

Just turn off all the water fixtures in the house and look at the water meter to see if it is spinning. 

@Benny Gelbendorf The roof and gutters would be around $1000 (fix top few rows of brick on chimney, replace pipe boots, split boot on electric meter mast, new gutters & downs, maybe gutter guards on some areas)The mold I do not know, I would imagine in the $1000 range, but would need an inspection from a mold expert.I am an exterior contractor and my partner is a handyman/general contractor.

Monthly income (only rents) - 8500 (the listing seems to indicate only a single unit is currently occupied, and at below-market rate).Monthly expenses:property taxes: 1500 assuming this will be 1.2% of the deal value of 1.5M. current assessment is ~330k - https://www.sccassessor.org/index.php/all-situs-se...management: 850. thats 10% of rent, not taking into account placement feesvacancies: 425. this is assuming a 5% vacancy rate (may even be lower, market is hot) but doesnt take mgmt company placement fees.water & sewer: ~415. thats according to city sewer rates and avg water bill. no details in the listing. listing says this is not metered per-tenant.insurance: 375. zillow estimate.

Do you spend the money on a house meter, get a sub meter installed?

Does anyone out there know the cost and process of sub-meter water in Ohio?