As someone who owns a property management company, and who has purchased several other PM companies, I should point out that the gross income of $10,000 per month for 120 doors is very low. A healthy margin would be $1,400 to $1,800 per month per door, plus any profit you can make from ancillary businesses such as a maintenance division. I wouldn't pay more than about $500 per door at that rate. Be very careful because she may not have been charging enough to make a profit once you calculate in paying a property manager and office expenses and other costs of running a business. Most property management companies do not even turn a profit. Don't take on doors just to grow without carefully examining whether you will make a profit worth the investment and time.
Also be advised that the average industry turn rate from attrition is about four years. Plan on having to replace 25% of those doors every year through sales efforts.
