If this is a multi-family, are the utilities on the units metered separately?  

Are you using actuals for utilities, MGMT, taxes, etc?

You need to include vacancy, utilities, repairs, CAPEX and management allocations.

The projected utility budget needs to be subtracted out to get the rent allowance.  

Utilities are often covered by the landlord, especially heating which is a major expense.

Average rent collection $4,400 given vacancies Utilities we pay: $700 a monthRepairs: $200 a month (some improvements built in there)Insurance: $80Property Taxes: $125 per month@ 12 years= $1,471 payment.Net cash flow: $1,824.Appraisal come in at $150,000 today.Combined the properties should cash flow over $2300 a month.

Where can I find out utilities cost.

King of Prussia - Rent is $650 a month utilities will be covered by a guy who will be sleeping on the couch downstairs in the living room (yeah uncomfortable for me as a tenant).

I utilize a reputable property manager which I trust, but at the end of the month I feel the return is pretty small.

Determine how long you will likely own the house and costs (taxes, utilities, etc).