They do not want to deal with tenants, paperwork, drama, legal processes, repairs, inspections, comps, showings, marketing, and everything else that a good PM takes off of their plate. 

I should have broken up with the PM long ago.She's the type of chick that loves misery and drama.

I am new to the forum and tried searching for similar info and got frustrated when initial search with 3-4 words results in nothing found (a few did) – certainly not as helpful as Google (might be too harsh).

Your capital expenditures over 5-10 years will almost certainly wipe out all of your income, especially in environments that experience harsh winters.  

The demographics were attractive, the local strip centers were full and less drama than the residential unit I sold.

All that does is ask for more drama.

Sorry for the digression, but trying to make 2017 our year of no drama. 

If you would like to keep the property at market rent, without concerning the tenant with too harsh of an increase, you could also provide a credit back to the tenant each month.

I know some of you will see this as harsh killing them but that is the law here in KY at least and I'd assume most places as well.

Your making the all too common mistake of self-managers of getting into the drama of everything.