First month’s rent, last month’s rent, deposit, pet fees, admin fees, utility setup.

in the Milwaukee area (out of the city) utilizing the VA loan.

Also, the S8 standard payment amount assumes landlord is paying for all utilities. 

That’s where most first-time developers get surprised - not because the deal was “bad,” but because approvals, utilities, environmental issues, or municipal politics stretched timelines and burned capital.In Upstate NY especially, relationships with zoning officials, planning boards, engineers, and utility providers matter as much as capital.

I see a lot of new investors come in with rent projections that are way higher than what the comps actually support, which can throw off the whole deal.It’s also worth paying close attention to whether the units are separately metered for utilities, especially with small multifamily.

Zoning, septic capacity, utility layout, road placement… those choices either lock in long‑term upside or lock in long‑term headaches.

It is connected to the duplex, hence wide the previous owner or the current owner for now agreed to pay for the utilities.

@Reuben LewisFor a turnkey STR like that, it’s best to start with cash flow first, estimate realistic occupancy, nightly rate, cleaning and management fees, plus utilities and HOA.

Maybe get a rebate room power company or government, save enough on utilities to help offset cost?

The sheer scale of the expansion up the 75 corridor is undeniable, but I’m cautious about the 'pioneer tax' for smaller investors right now.I've seen a few folks buy land in Anna/Sherman thinking it’s a slam dunk, only to get crushed by holding costs while waiting for utilities or zoning to catch up to the hype.