Thank you all for your responses I am going to look into managing this one myself to understand more about what goes into managing .

My property manager called (I live in Denver) and told me they got it turned off pretty quickly, but a whole wall's worth of drywall was damaged. 

Thx for sharing and congrats that is a ton of success, @Eric BilderbackLike all investments there is risk to manage.  

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

I would also add, a contractor that you can buy materials for and they know how to put them in with little to know direction (reduces the management time of the project).

Property taxes are 650, insurance 160, outsourced property management takes 10% of the rent, and another 10% of the rent is set aside each month for future repairs. 3750 x 0.8 = 3000. $3000 profit, minus about $2300 in mortgage, property taxes and insurance leaves about $700 cashflow, when I move out.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I'm barely competent managing rentals in my backyard in NC. 

Try interviewing at least three managers.1.

Look for a team with a strong track record in managing rentals like yours, especially in your target area.