When running your numbers, if purchasing a home that isn't new construction and less than $1MM, I would estimate 1% - 1.2% of the purchase price as your annual insurance premium. 

Quote from @Michael James Hamlin: We just moved to Baldwin county and we are looking to network/partner up with other professionals in new construction, fix and flip or commercial.

The construction project in question would be in West Philly, if that's helpful.

Been with a handful of property managers during that time.

The property is 4 stories and 93,542 square feet and was constructed in 1989.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I am seeing a trend in CA that ADU construction is more cost effective (per unit) than buying on the market by a long shot.

We have about 22 full-time W2 employees in the office, approximately 40 traveling construction folks -- and managers and maintenance W2 employees at each community we own and operate.

How much of a pain will it be to manage tenants?

It depends on the property.... is it value add where there's also a construction component or merely a management improvement opportunity?