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. 

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.

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

There is good money on the table but no income flowing to our bank accounts so we wanted to buy residential apartments and make profit on rents.

@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.