I can "cash flow" more from my stocks/index funds and high yield savings account with far less stress. 

Turnover costs can be frustrating, but they’re worth it for the peace of mind that comes with having quality tenants—tenants who pay on time and don’t bring the daily stress of dealing with bad renters.If you keep these tenants, they’ll likely cause more damage, knowing they can get away with it.

I always love these posts.

You don’t want the stress —- so don’t do it.

It's really stressful, slow, and expensive.

She said "oh a few items will be returned", then she wouldn't give the receipts, and the rest is on my post.

It's a very stressful situation for our team to keep having to contact you guys every month about our money.

I stressed fully updated because you don't get a discount for having partially updated plumbing, electrical, or HVAC. 

Quote from @Nate Sanow: Yes I own two that are near 100 years old and I will tell you they are a pain in the you know what compared to all of my post WW2 properties especially post 1980… layouts are better in the last 50 years and energy efficiency is better and I can keep going… HOWEVER to reply to the other aspect of your question, I’ve found appreciation is better with older properties in areas of the path of progress.

Top 3 reasons owners hire PMCs:1) No time to manage correctly2) No time to learn how to manage correcly: laws, documents, processes, etc.3) They're too nice and need someone to "save them from themselves"A good PMC can usually earn their fees by better managing the property/tenant than the owner, thereby:1) Increasing owners net profit2) Decreasing owner's time commitment, stress, headaches, etc.No matter what though, you should always plan to commit a couple of hours a month to manage your PMC.