Average it out over 12 months and increase the rent plus 10% as "utilities included".It is preferred to spend the money to split the utilities and add second meters (hydro, water, gas) to be able to put utilities in the tenants names.

Water, garbage and heat paid by landlord, with steam heat.

The norm in the area for multifamily units is for tenants to pay all utilities except water.

However, if this is an indication of how you are thinking of conducting business, you may be spending that money from jail.I'm not trying to blast you out of the water. 

For buy and holds I like West Tampa, Sulphur Springs and North Hyde Park.

I don't see any water damage in or around the backyard area but I didn't want to find myself in a bad position if an investment property like this is not a good idea?

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. 

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

It seems that the market has slowed down recently even with it becoming more of the hotter time frame for sellers in the spring time.