I'll let you run the numbers on that and report back with your actual management costs.

Mid 700s, but probably low 700s now because of all the credit report inquiries. 

I get my Property Report from there.

I think inspections are important and I am comfortable paying someone $500 to spend 8 hours inspecting a place and providing a report. 

Port Huron has a Rental Certification department that issues certification (and fines for blight and other building violations) and without it you can't evict in the courts and can get severely fined if your tenant reports you or they find out.

I would also have a title company run a title report to make sure there are not any outstanding issues on the title.

I worked up an annual operating report based of numbers they provide (off their schedule E is great).

I was in complete disbelief and I still remember the losing bidders crying.Anyhow, I suggest you try it and report back.

The reputation of your business could be damaged when the media reports you are the one paying the bill. 

We get into some more complex accounting and reporting with syndications and he does a great job.