Best pay compared to cost of living.

It’s worth calculating the total investment (purchase price + wiring replacement) and comparing it to what the property could yield after the upgrade.

I know you are dealing with a 3 month lease rather than a 12 month lease, but for example....Say I rent my home for $2,500 per month and have to lower my rate by $100 to find a quality tenant that is a loss of $1,200 over 12 months compared to a loss of $2,500 for each month it remains empty. 

We haven't bought anything in the past couple of years locally because the value proposition compared to what we already own just isn't there.  

Compare that to the performance of a new property (with that equity unlocked but also with a different interest rate as @Katie Ripp said).

This has been well worth it compared to the 40+ hours I was previously spending doing this myself come tax prep time.

I find that depending on the market $300-500/mo are fairly normal and if compared to what you would pay with a single family home on some utilities, maintenance, and management, it's a good deal.

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

I really like LLCs compared to corporations because of the free stepped up basis for passing property to my children. 

In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes.