Self-Property Managers...Any Regrets?

[Jason Prevette]

I'm debating self-managing my current primary residence following a job relocation (and move) to NYC, and in part of that decision I wanted to check with some fellow BP'ers to see if there were any 1st timers that could share their experience? Is it that daunting? I considered selling outright to pocket $80k (net of fees) tax-free, but creating passive income where I could net potentially $800-$1,000 per month would be great (rent $2.2k to $2k w/ $1,200 mortgage). Plus I get to keep my attractive 3.375% 30-year mortgage which is another bonus in comparison to today's rates. Houses go quick in my neighborhood (selling or renting) because it's in a good community in a great school district and convenient to major highways. The thought of paying 10% fees (plus 1st month's rent) is not ideal if I could place a tenant myself. I had my real estate license so I have some level of understanding of the process, but my full-time job has consumed my time so I've focusing on that instead.

For background on the property:
*15-year old townhome
*3 bedroom/2.5 bath
*Unfinished walkout basement
*Trex Deck
*Good schools

To prepare to rent I've replaced all 3 toilets with brand new units, new sump pump, new garbage disposal, new modern kitchen faucet, and new washing machine water lines. I have some other odds & ends to do but the goal is to make sure there are little to no calls about any issues. If there are any issues I don't mind fielding a call here and there to send out a handyman to fix.

Any advise would help from those that made the leap into self-management. Any tips, do's/dont's, etc. would be great!