If want passive just buy stocks or class A lower leverage multifamily which is easy to self manage. 

Your parents can look to reinvest the remaining proceeds into a DST, tenancy in common investment, NNN, that are passively managed.

Between downtime doing Self Storage development, management and Country Subdivisions glad to give input on BP. 

I knew some of the Peer Street management.  

Unfortunately, not many around like that...The appraisal is about $150-$200 higher than standard cost because they likely went through an appraisal management company ("AMC") to get the appraisal ordered/assigned.

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

Property management is not for the faint of heart, so glad to see you're enjoying it and thriving.

I have grown insanely skeptical of BP over the last 5 years, yet somehow I am trying the lead generation for both property management and now as a featured agent.

Without accounting for management fees (I have not yet decided if I will try to self manage), and with planning to raise rents to typical market of $825 for each of the smaller units, and $1200 for the larger unit, does this seem like a worthy first investment? 

You may get EXTREMELY lucky and find one for 15% (if they get approval from management), but you will not find one for 5%.