Residents pay all utilities.

(After accounting for other expenses: utilities, appliance, extremes I am looking at a total of about $1,020/ Mo.).

not reallyAnother level of complexion is losses that are passive may not be utilized to offset your other income while some taxpayers can. sometimes it's best to keep things simple. 

Generally, if there isn't a separate meter, landlord can't make tenant pay utilities as there is no way to truly decider what portion of the bill belongs to which tenant.

Besides the obvious costs like utilities, insurance, maintenance, and taxes, are there other ones I need to know about and what they would run?

The low money down and the ability to utilize a 203 B or K, that program is pretty nice. 

That is before other necessary costs such as utilities & water and other basics that are not necessary but often included anyway like phone, internet and cable. 

Recent price reduction of $120K and we got it under contract almost immediately after it was listed at the new lower price.We have done local rent surveys and we think we are competitive.We're still in the Due Diligence phase right now, and are getting: Appraisal, environmental study, HUD statement, utility details, insurance, financing.Anything that you think we should be considering here, either about this deal or about getting into an office building in general?

I am looking to learn how I can utilize this community of like minded people to begin developing a network of connections. 

Please correct me if I am missing some line items here, but here are the working numbers for the property:+ Gross Rental Income: $150,000- Cleaning Fees: ($21,600)- Management Fees:  ($19,260)- Property Taxes: ($3,700)- Insurance: ($2,400)- Trash & Local Tax: ($650)- Utilities: ($7,200)- Pest Control ($560)- Supplies/Maintenance: ($1200)- Acct/Legal: ($1500)TOTAL EXPENSES = ($58,070)Net Operating Income = $91,930---Based on my limited understanding of the local CAP rates for similar properties in Philadelphia, PA 19106 it looks like 5-6% is a realistic number.