Operating expenses
Owner-Paid Utilities
Monthly utilities the owner covers — water/sewer, trash, sometimes gas. Most SFRs put utilities on the tenant; multi-family deals often split them.
Why Owner-Paid Utilities matters
On multi-family without separate meters, utilities can be $200-500/mo of NOI killer. Sub-metering or RUBS (Ratio Utility Billing) is one of the highest-ROI improvements you can make to a small multi-family.