I’m looking to get some ductwork done and possibly upgrade the electrical panel at a multifamily rental property in 48213 Detroit.

I am in contract on a four-plex and there is only one meter for electrical, gas and water.

Ide Like to get your thoughts on a property that I came across.7 Unit MF - 2 buildings - side by side.Asking :$478KCurrent rent: all renated $600 ea - month to month market rate rent for 2/1: $900-1100 depending on quality and location(I would guess $900-1000 in this area)info-6 of 7 units - 2 BD/1BA, 7th unit - 1/1-6 of 7 Electric is paid by tenant-#7 Unit is paid by landlord because it is on the same meter as the laundry space-laundry space has broken equipment, i am thinking convert into suite(only Unit with gas - paid by landlord)-water and trash paid by landlord-AC - 5 of 7 are window units; 2 are swamp coolers-ample sized parking area- that is half gravel half dirt(significant signs of ponding)-electric is 3 prong but it looks like 70 AMP units in each unit-foam roofs 11 years old-I walked 2 units - outdated and rough but not horrible I think it will need significant upgrades to get to $900-1000.list-Parking area surfacing-roof resurfaced-mini splits-electric to support-water submettered-electrical amp upgrades-cosmetics to exterior and interior-washer dryer wiring install to all units-I am thinking we'll over $100kThe positives-ability to add a suite in place of poorly run laundry ($700 a month)-all the units have a parking stall that seperates one unit from the other.

Permits, inspections, and "while we're at it" electrical/plumbingYou budget for the visible stuff — new vanity, tile, fixtures.

I’m also currently looking for a good plumber in the Florida Panhandle area if anyone has recommendations.The structure is already built and has water supply and a drain line stubbed, along with its own subpanel for electrical.

Also wondering anyone have any advice for how I can find good tradesman (flooring, electric, painting, etc.)? 

This building has a 6k electric bill, and just one meter???  

A lot of the comments here are correctly pointing out specific systems (plumbing, electrical, boilers, etc.), but the bigger question with those Midwest brick buildings isn’t really the age — it’s whether the major system cycles have already been reset. 

Updated electrical, currently in the process of installing a mini split, which addressed the current tenants' concerns of no heat/air and their breaker flipping when they used certain appliances.

Do you have water or electric available?