Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

My IT background "scam" alarm is too high to do so myself, but their solicitation is usually an attractive rate compared with my usual rates so thought I would see what folks here thought. 

The house would have to appreciate 2% per year in order to zero out the 24k annual loss. 2% appreciation is rather low, compared to what we have seen in the last years.

Compare the future land use map to the current one and see if that area is slated for transition or future commercial.

I'd love to compare notes with you!

You can listen to all the quarterly conference calls of a REIT, read all the quarterly and annual reports, and you'll still have the smallest fraction of an idea as to what's going on when compared to what's happening in your own portfolio of directly-owned properties.MG

For example I have a phone script; a negotiations script; a checklist to prepare for my appointment to view the house; a checklist to estimate rehab costs that I bring with me to my appointments; and comparable analysis sheet to share with the owner.

You can substitute experience for market knowledge by spouting off a bunch of accurate data about absorption rates, comparable sales in a neighborhood, finish levels of renovations, etc. 

Also check with a CPA, I'm not sure you're allowed to depreciate a property that isn't rented, maybe they have a work around.So you're comparing only projected capital gain on a property (including it's holding costs for utilities, insurance, taxes and repairs) vs the state fund. 

Also, it’s easy to tell potential tenants they pay all utilities, when comparing to other places it’s not a noticeable difference in my eyes.