out of town self storage unit - strategies

[Joy Hagerty]

I have a contract on a 49 unit self-storage building plus a 4 unit commercial storefront.  but it is 3 hours away from me. what would be the best strategy to manage this.  there are a residential house and apartment/workshop on site. I can hire a manager and offer room and board.  but I don't know what is a good practice to get this started.

It is currently vacant as I am getting it from the bank.  but should not have a problem getting them rented out as I have just the desired size or rental in the market.  If I decide to sell it, what is the valuation practice, and timing as to holding period?

The rental income should be at $6,000 a month fully rented.  if you apply 85% rule, that will be $5,100.  Purchase price is 250K.  should I hold on to it since it is 3 hours away?

thank you

Ken / Joy