Also, multi-family does not necessarily imply there are utility bills to pay.We have a triplex in NYC where we pay gas (heat), water/sewer, and common area lights, another triplex where we pay only water (gas is metered per unit with separate boilers), and 5 duplexes in NC where we pay no utilities at all (Everything is metered for the individual unit)

Purchased for $240k with plans to raise rents through rehab and decrease expenses by sub-metering water and managing professionally.

The city stated they will send someone out to test the meter and yes, I charge the tenants a 5% late fee for late payments. 

Individual meters for electricity are available but not being used right now.I was worried about all the fixing will end up costing too much money, will  turn it into a suckie deal.Should we go with the deal? 

Landlord can require tenants to be responsible for separately metered utilities, so can avoid waste.Landlord can get annual small increases in rent.NegativesMost of us don’t treat something we get for free the same way we treat something we’ve worked hard to obtain.S8 applicants claim “broke” and don’t like to pay application feesSame goes for security depositsS8 tenants, in our experience, tend to cause more property damage than non-S8 tenants. - Make sure you get a security deposit and perhaps do a surprise inspection of their current home.S8 requires an inspection (mostly health & safety) before approving a lease and then annually thereafter. - Not something most landlords taking care of their properties have to worry about.There are limits to clauses they allow in your lease.

Also they can use a moisture meter on the outside of the drywall which is huge to understand the extent of what you are dealing with.The GC in me can't help asking did you scope your sewer line? 

Thanks everyone for help putting it into perspective.We do have to redo all the wiring - it's glass fuses and there's no meter.

LOL :)Getting started, I strongly suggest you begin by learning the basics of real  estate before jumping into podcasts, getting advice in public forums or reading blogs by just anyone.If you're going to begin by reading a blog, try "How to develop a good BS Meter!" 

Even so, not a deal to me tying up $200k for a year in hopes of a 5.3% return even if able to pick up some rehab savings along the way to be on the hook for $700K with the meter running and a gun to your head to rent or sell. 

They installed a new meter but left it disconnected.