Is 1% Gross Rents for Property Manager Fair?

[Myles Salazar]

I am purchasing my first property with three other investors. One of the investors is going to be the acting Property Manager. He is requesting $15/hr rate and an additional 1% Gross Rents. We will all have 25% equity in the property. He did mention that most property managers ask for 5-10% so it is obviously a better idea than finding a property manager, but I am interested in what everyone here thinks. Does this seem fair? Thanks!