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 get it, it's a hot market, what I don't understand is why I can't find a reliable real estate agent to work with in Indiana.

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.

We came across this Triplex in a Hot market with very few multi-families on the market.

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

Fenced yard, hot tub, 4 sheds!