We’ve got one big player that probably has at least 600 units with their own rental office and full time maintenance crew.

Not just the safety point but the maintenance level it is way too much work.

@Tamika Davis One of the biggest advantages of most software on the market is to complete these tasks you mention (maintenance, leases, rent collection, etc). 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Even if you only averaged 2.8% appreciation annually, which if you've had it 20 years I have no clue how that's true given prices have well more than doubled in that time, youre skipping over the fact that you have been benefiting from that appreciation on the ENTIRE house, not just the % you paid for.  

If you can rent it for $2,000/month, after fees, taxes, and potential maintenance costs, you’d still make a decent passive income.

The interior was outdated, the landscaping was overgrown, and several deferred maintenance issues were apparent.

@Blaise Bevilacqua - I agree with the added expense items that others have called out including vacancy, repairs/maintenance, capex, unit turns, and low insurance.

Other than a few regular maintenance and wear & tear, we have had minimal expenses.

The interior was outdated, the landscaping was overgrown, and several deferred maintenance issues were apparent.