People get paid way less than in other markets.Don't compare that a 3/2 middle class area rents for 1600 in SA and the same in LA is 3000.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

PM me and we can compare notes.

But there is still a lot more risk baked in - a lot more moving pieces, a third party is involved, a lot more chances for things to go wrong compared to #3. 

You are right banks are higher than in the US but properties are lower too (depending on the area and comparing ROI )

Comparable sales approach: Used for 1-4 unit properties and the valuation is based on the recent sales of similar properties.

Also, compared to the stuff I deal with in my day job (IT), it's not that bad, and ultimately, I'm in charge, so if a tenant or a contractor is not working out, I invite them to leave within the law in my state.

These are solid C Class areas and, for me, not that difficult to manage.I suppose if you compare it to A and B Class areas in many other markets it's more difficult...

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.