If there's a repair or capital expense like new water heater, might take a little more time with getting estimates. 

We estimate that the property is nownworth $950,000 to $1,050,000 (based on comps) - we gained approx $500,000 in equity by converting this into a commercial property!

The easiest way is to estimate the bill, and include it as part of the rent. ($800 rent +$50/mo utilities).

Tony Robbins always says that "most people over estimate what they can do in a year and underestimate what they can do in 5 years." 

I have automatic transfers from my rent collection account to this account for my estimated monthly utility costs.

Little more info if possible such as purchase, estimated rehab, ARV 

If I were in your position I would ask for an official loan estimate from both the broker and service company. 

Estimate what the yearly rents will be2. 

It draws heavily on the Port of Mobile, with executives there estimating that it will be bringing about 50,000 TEUs (Twenty-foot Equivalent Units) of containers traffic now that it’s operational.

Subject house math:-Purchase: $200k-Closing, rehab, to date carrying costs: $65k-ARV $400-425k-Rent $2900-3100-Taxes $9k a year-Insurance $1500 a year (Estimate)My math works out that if I refinance and pull all my money back out (LTV ~62%) I will have a total monthly cost (Tax, insurance, P&I) of about $2450 leaving roughly $500 cash flow assuming I manage the property myself.