Hi Fellows, I am purchasing a 5 unit property 2 hours away from my home. It is in a good school district and has stable tenants. Shall I manage this property myself or hire a property manager? Will appreciate your expert advise.
It is 1950s property and will need some regular repairs. Not completely sure on math but I will have $6,300 coming in as rent and fixed expenses of $4,000 covering debt services and other expenses.
If it’s two hours away personally I’d hire a PM. I wouldn’t want to be driving over there or having to collect rent etc. assuming you get get a good PM for around 10 percent gross rents