It sounds like it could be that the valve at the outside of the house is an old style "gate valve" and is broken.

Putting aside 10% for maintenance/repairs, and assuming 5% vacancy.I would be self managing because it is close to me, a very safe neighborhood, gated community with a lot of amenities, and security patrolling, etc. so I would be comfortable with it.I figured it looks like a good deal but cash flow is a little tight.

A job of this length should be fixed cost... the only reason to go T&M like this is -1) You're dealing with a -very- unique house or project that is impossible to estimate in advance.2) You're dealing with a job that may take a day or two, tops, and is so small it's hard to estimate in advance and easier to simply pay a daily rate.This sounds more like a shady contractor trying to take advantage of a new investor.Pro tip: The reason better contractors are too busy for you is probably because you're telling them out the gate that you need rock bottom pricing, everything has to be cheap, and you're supplying materials.

;)I feel the biggest problem with using a PM right out of the gate would be in finding a "good property manager."

(I've always called them gate valves).

I have helped a lot of folks here in my local Chicago west suburbs market find deals that are hitting 15-20% COC returns right out of the gate.

Well could you add a security gate upfront for entry into the apartments.That gets rid of a lot of people driving in to dump trash illegally.

I've got a big pool to market to, I've just got to get comfortable with coworkers knowing my "outside the gates" business.

An actual conversation I had last week about a broken gate latch was:Her: The gate latch is broken can you please fix it?

There is a fence gate that needs to be repaired as well.