I figure 8%, but this is market dependent.Taxes are $93/month, according to Zillow.You've left out Insurance.You should also include Management (10%), even if you plan to self-manage in the begining.Will you be responsible for water/sewer?

Keep in mind that property taxes are high in Grand Rapids (close to 2%), landlords typically pay for water, and repairs and maintenance costs are higher in Grand Rapids than other areas because you're dealing mainly with properties built in the early 1900s that require a lot of upkeep. 

You can find properties by driving for dollars, mailing owners, getting lists of code violation, evictions, property management companies, networking, etc but the most effective method is cold calling the owners directly.

Taxes, water/sewer, poor insulation (high heating costs), and low ARVs are the major challenges.

You could use something like this (https://sense.com/) to track electricity and reconcile with the tenant each month...not sure about water though.  

@John Bradley  Like Greg pointed out, cold calling and relationships are what will really matter. 

@Dan Strandberg I'm not 100% sure how it works in SK, but in Ontario when a property is located on Septic, it's often required by the lender to get a water sample for testing.

Or go directly to the tax assessors office and have them filter out a list of multis in the area, then skiptrace the owners personal information to cold call or direct mail. 

Slate roof (insurance company hated that, I've posted on here before), old galvanized steel or cast iron pipes that were failing piece-by-piece, old electrical with tenants complaining about tripping circuits, cracked foundations and water in the basement, and on and on. 

check that nothing is blocking water shut off valve in garage and water heater too.We check there are no extra pets