Average Bronx Property Management Fees

[Charles J. K.]

Hello everyone,

I am looking to purchase my first investment property in the Bronx (2-4 unit multifamily) within the next couple of months.  I will be handling property management myself, but I would like to allocate monthly income towards this from the beginning so that I can hire it out in the future if necessary. I hear 8-10% generally thrown around quite often, but not necessarily in regards to the Bronx.  A local investor that I spoke to said 5% would be enough.  Does anyone in the area have an average estimate that they use?  Is 5% too low?

Any insight would be appreciated!

Thank you,

CJ