I happen to live in AZ in the winter and MI in the summer. 

We've seen 3% for 100+ unit apartment complexes, but they also have onsite staff not included in the 3% management fee.Two other pricing options to properly understand:1) Fee charged based upon tenant payments or just occupancy.

The rate will also be high. 

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

Love the insight @AJ Wong.

A little bit off to the west is also a solid market where you can find some success in the Tampa Bay Area.

It’s in the expense section.

The land banker, the long term landlord, the neighbor that wants to expand their home, or the horse owning owner occupant with no other options?  

You can also write off expenses such as property management, insurance, repairs, etc.

If they are, I would pay them off first.I would invest in a different market(likely bigger market) where you can find reliable contractors or find a PM that will be able to manage the properties.