I had been anticipating a hit but did not expect anything that drastic. 

It's a numbers game, though, so expect a 1% call rate, which is around the industry standard.

You can not now expect any money back. 

In the same 3 to 5 years, you can exceed your expected ROI with much less risk and very little work.

@Kyrstin Szewczyk first of all this is the best way to ruin a friendship so tread lightly and get everything in writing and make sure you all understand your duties and you are all on the SAME page and have the SAME expectations.

And expect to have to sand down drawers where they contact the cabinet unless they’re on sliders already.

and how much would you expect to get in rent monthly, what is the median rent in your area?

@Jose Romero, I agree with @Basit Siddiqi - the asking price is too high to be a good deal, and I wouldn't expect to be able to add a third unit based on a typical property in the neighborhood.

There are horror stories on these boards every day from newbies who hired a PM out of the gates and don't know what it's like to be a landlord, so they don't know what to expect out of a PM.

Also, you need to make sure you're setting seller's expectations properly.