It says it has upgraded plumbing, water heaters, and electrical.  

It has no running water or anything.

Water is via community well and sewage is private septic field.

No it is not off grid it has consistent power, central air and heat, water, and all the appliances of a normal house.

Check public records to find out if water, sewer and other city improvements are paid for or not. 

Did you include utilities into your calculation (water/sewer), lawn/snow removel, capX, and repairs into your rental budget? 

@John Chapman @Jd MartinHere are the #'s I have for the first property:Here are the inputs for Property #1:Purchase Price: $171,000Interest Rate: 5.125%Down Payment: 15%Total Amount Brought to Closing (down payment and closing costs): $22,875Gross Rental Income When Bought: $1,050Gross Rental Income 1 Year Later: $2,450Monthly Water Bill I Pay: $83Property Management Fee: Assuming 10%, but I manage this property for now, so for now it is 0%.

Does any know of any small multifmaily lender in or around colorado springs? 

The repairs seem extensive including bad insulation, minor roof repairs, faulty structure, floors are uneven (home is a little over 100 years old) galvanized pipes, old water heaters, among other among issues. 

Is it customary in Wisconsin for the renter to pay electricity and water?