It depends on your level of expertise and whether it is nearby or far, but generally I find this question unbelievable.

Sometimes, there’s even newer construction being built right after nearby causing the home values of the existing properties to drop and rental numbers as there is always someone with better access to debt or lower acceptable margins than you.

I try to put the grease on the poop when the owner is near by so when they ask what I am doing I can explain that I am training dogs to pick up after themselves. 

Are you sure it won’t be the model for another nearby community?  

I was looking at 4-plexes in Georgetown and saw that there were apartment buildings nearby recently renovated, pools, gyms, and other amazing amenities.

I contacted the local PD, no police reports have been filed only phone calls placed from my property about concerns at other nearby address...dog barking, noise complaint, the latest was assist person.

You may need a Phase 2 as well in case Phase 1 finds potential concerns (say, issues due to a nearby Gas station).

I will lever it lightly with assumable debt, or not at all, and keep this conservatism going until cap rates are ~100bps above interest rates on property of reasonable quality and nearby where I live and operate my business.If that happens next year, I’ll cash out refi to a moderate debt level and buy!

I think not hiring a PM might be based on the following:1) How far you live from all your properties.2) If you have a very reliable handyman nearby your properties who can be a "point person" to asses issues when necessary.3) If you don't mind doing the advertising, interviewing and showing your properties when you have potential tenants.I have had 10 rentals until recently and I did all the PM work for 12 years.

Canvas nearby centers for tenant's in elbow spaces and try to entice them to your building (since it sounds newer) with a TI package in-place.