However, forgive my curiosity - I'm really just trying to soak up as much knowledge as possible.

I believe a local investor can do well on cash flow leveraging their local knowledge in those markets.Best wishes

I am not sure about the other markets but I would suggest looking up a Realtor from here and utilizing their knowledge to help you. 

I know what the rents should be for each of the units (2 vacant and 1 significantly under market), the taxes are listed on the MLS, I’m familiar with the water/sewer costs in close proximity to this building, and I know what percentage to use for my Vacancy, CapEx, and repairs and maintenance based on my knowledge of the local market.

Unless you have time, desire and knowledge, hiring a property manager sounds like the right option.

The experience/knowledge of being an agent will help you so much.  

Knowledge and skillset is a big part of this.

It's not that Stu has tried and failed with this asset class, but he is pointing out that you have very preliminary understanding of investment principles and should look to expand your knowledge before being accountable for OPM. the fact that you're confusing mortgage payments with T&I impound is indicative.

Get started and look back on today in 5-10 years with all your new knowledge.

The real life experience is the best option for learning and gaining the knowledge you need.