This is new territory for us, so we’re looking forward to getting started!

Just trying to figure out my strategy going forward to decide if I should go into 8%'er territory.

@Michael Wolffs In most, if not all,  provinces and territories in Canada you inherited leases when you purchase a building.  

@Mark Ferguson smartly pointed out that your missing costs such as management, repairs vacancies etc. will easily erode that cashflow past the breakeven point into negative territory in reality.

He does specialize in multifamily but his territory is much larger.

This is totally different from our (Hbg Metro) market where desirable inventory is slim and competition has driven suburban "distressed" prices close to bubble territory, IMHO.  

Like I said, there are a lot of things in the work and I totally agree with you that heading out of your territory with no contacts is pretty risky.  

Call Adam Nelson, (eight one seven) two five three- nine six zero seven. he's an expert in acquisitions and selling investment properties.He is a colleague of mine but his territory is Arlington (We are licensed wholesale real estate agents with New Western Acquisitions). 

I just felt like the fees compared to the mortgage size were out of whack but I guess that comes with the territory.

Keep looking but I would recommend expanding your search territory, learn about other neighborhoods and you will eventually find that property.