5 $150K properties or 20 $32K properties?

[Jon Klaus]

Bill Gulley posted in another thread that he'd rather have "5 150K properties than 20 32K properties, all things considered. Generally, less maintenance, less management efforts, fewer collection problems, less vacancy and better appriciation."

This is from the topic Attracting a Good Tenant. http://www.biggerpockets.com/forums/52/topics/82142-attracting-a-good-tenant

I think this is an intriguing choice. Let's flesh it out a bit and hear your opinions.

Added assumptions:
5 $150k homes that rent for $1600 on average in nice parts of town in mid-America. Homes are owned with no debt. Expenses run 45% of income. You self manage, spending about 100 hours a year of your time. NOI is $52,800.

Or

20 $32K homes that rent for $700 each in not so nice parts of the same city. Expenses run 55% of scheduled income because you have higher vacancy, turnover, and make ready expenses. You self manage, spending 400 hours per year of your time. NOI is $75,600.

Certainly,other assumptions would need to be made, but which portfolio do you like and why? Assume you will hold for the long term.