This does seem like a lot of communication, but I would have a conversation with the owner about this prior to firing.

There was a BP member who was quite active for a short duration that presented hi use case for RE not being a good investment compared to other investments especially ially stocks.  

What is occupancy and rate and how does that compare to your competition? 

I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast. 

I might also compare it to other markets..like Austin or Phoenix..where property prices have been shifting (from what i read in CNBC) but still show growth potential.

As long as you stay invested and let your hard earned capital continue to grow, you can pick your spots when a real estate opportunity offers outsized returns comparatively to other investments. 

Then your heirs can inherit your position and keep it going every 10 years.....etc....as compared to the MIN which is due in 30 years.For example here are a few recent CRE deferred sales trust deals:- Owner who sold a $34M apartment complex and moved his funds into a Deferred Sales Trust. - $18M Business Sales of Veterinarians who sold multiple practices in Virginia and Indiana.Another example, was for a couple who sold their primary residence for $26M in Newport Beach defer $6M in capital gains tax.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

If dropping your rate $100 below others at comparable offerings in your target market kills your cashflow, you may be in too tight of a deal anyhow.

I think finding property is pretty easy compared to managing.