That can set you up for predatory dealing.Read the blog on BP "How To Develop A Good BS Meter" That will tell you where to begin in real estate and investing. :)  

Figure your PM at 8- 10%, you will have garbage, lawn/ snow maintenance, water sewer, your taxes, insurance and loan payments. if there is common hallway or outdoor lighting, is it metered separately, if so, you will have that expense as well. 

We put in separate hydro meters, so with tenants paying their own hydro we cash flowed quite well.So, good cash flow is very possible in Ontario, though Orillia doesn't have the appreciation that Ming gets in Toronto.

Trusting your happiness meter has now been adjusted to reality.

So I'm thinking of offering 2 different prices for rent, one without utilities, and seeing if there's a way I can get the water company to meter each unit, and one with that I'll pay.

Note: The apartment unit has it's own electric meter.

Also the rent rolls/pro forma will help clarify, but you didn't mention anything on metering.

Multi-Units frequently have a single metered water service and the LL pays water.City Trash (plus sewer fees if any) are also paid by the LL.Other expenses include:PMI (if you're paying this, you didn't put enough downpayment)Taxes & Insurance (if you pay PMI, then the lender WILL wrap these into your mortgage payments)mileagepest controlprofessional fees (CPA + City Business License)Legal Fees (Evictions & Collections)yard maint.telephone serviceutilitiesmortgage interestHOA fees (if any)repairsInternet Access ( a] if you provide access to the local carrier & b] lease prohibits personal accounts)

If you wanted to fight one mortgage for both units, look at the electric meter and water meter for the building.

Also, if I go with one tank, then do I have to have 5 meters?