I’d run three cases rather than debate one net yield: full expected rent, a reduced-rent case, and a case with both lower rent and an unexpected building contribution. Include tenant turnover costs explicitly instead of burying them in routine maintenance. If modest changes push cash flow close...
I would keep the valuation condition unless your lender has already reviewed the apartment, your financing proof and the relevant completed comparables. A C$43,880 cap is clearer than an unlimited promise, but it still means having that cash available in addition to the down payment, closing...
I agree on keeping a reserve, but I would be careful about calling every rejected offer useful data. A rejection only tells you much if the properties and offer conditions were genuinely comparable. Otherwise beginners can take the wrong lesson and simply bid more next time.
The better record...