You would need to be a bit more specific as to maybe even the neighborhood where the property is located. Is it in Chicago itself, if so, what area? Is it in the Suburbs? Which one?
That does indeed make a difference as to which PM would not only be good, but willing to take on the property.
I have been through many PM's in the area over many years. I have never found one I would trust to manage a property that I am not local to. If you don't check up on the PM they will slack off. PM is a tough business and they need to make a profit so they are constantly trying to minimize their time on your property.
Maybe I have had bad luck but I always have found it necessary to keep an eye on the PM. It is never a hire them and put it on auto-pilot situation like you dream of.
My experience is that PM's don't care about my budget. They will hire the most expensive people if it is easiest for the PM. My PM's have cost me much more than their fee. Sometimes it is still worth it, often it is not.
FYI, My experience has always been less than 10 units and off site mgmt.
Maybe on site mgmt of larger props might be different as then you can incentivize them with a cut of the profits.
BTW, Wash Park is generally a real rough area. Let's just say that if I owned a property there (I wouldn't at any price), that I would not go to visit it.
Don't let its proximity to nice areas like Hyde Park fool you. Here 1 block can make the difference between risking getting shot at and calmly sipping a latte in a cafe.
Your choice of PM's will be severely limited in that neighborhood.
Here is a tidbit
"According to a study published in the Chicago Sun Times in June of 2009, four Chicago neighborhoods – each located in parts of Englewood and Washington Park – are among the nation's 25 most dangerous neighborhoods."
Yeah, if you are out of state, it is good to know the crime laden area you are purchasing in. Yes PM's will be very few, and the ones willing to do it will be sketchy to say the least.