On paper the latter looks better but it's hard to quantify the drama and maintenance costs.

I'm thinking you should really just pay good attention to what's happening regarding the management of your property - are the rents on time, are tenants renewing rental agreements, are maintenance costs reasonable - judge the PM on performance you can quantify in that way.And, maybe consider self-managing or finding an employee as opposed to a PM company, if you want to be more involved. 

The risks of debt are quantified by the probability and severity of financial distress (for our case).

A logical assumption that I'm ruled by emotions because I ask a question with quantifiable data to get perspectives I hadn't considered?

@Rajiv Bm start by clearly identifying your objectives and criteria and quantifying them.

I need specifics - specific attributes, methods and ways of obtaining data to quantify. 

w/today's tech, you can easily qualify/quantify the effectiveness of your medium by use of link tracking / web analytics and ph# tracking ... that's the only way you'll truly know which medium is working best for you or at least how effective they are for people getting back to you.btw, i say menu items (i.e., restaurants - if ppl want to know nutritional data, origin, price, reviews, etc.) or products (i.e., similar to restaurants if you're at a grocery/food place OR for mfr data, reviews, coupons, rebates, price check, etc.)... note that above mentioned uses are typically where you're not in a car or getting a single letter/post card that you're reading (and you have to pull out your phone just to scan the qr code vs. typing in a url or ph# just to call/get more info).

It's really tough to quantify this on a spreadsheet, but it matters.

@Joel Owens it depends on how that's quantified because if you calculate the # of property managers, maintenance people, etc it's a lot.

Then there is the harder to quantify with basic math risk of having two debt payments instead of one.