Be very careful about calling yourself a property manager.In the state of Illinois an employee can manage property for their employer.

As a regular w2 employee, a general rule of thumb is you will be paying 1/3 of your income into taxes.

If not, move on.Calculate your gross potential income based on on the market rents.Subtract at least 10% (or more, depending on your area) for economic vacancy.Add other income (laundry, late fees, application fees, pet rent, RUBS, etc.)This is your total pro-forma income Calculate all expenses line by line (50% is a sanity check or a guideline but not a "rule"!)

If you happen to qualify for the Solo 401(k) plan type by being self-employed and having no full time employees, then the tax on UDFI is exempted. 

Does it seem that the employees enjoy being there?

My wife and I have an arbitraged triplex, we pay 36k a year to lease the entire triplex, and our gross rents are 125k over a yearly average.

My PMs in Fresno charge me flat 8% of leased gross - no placement, no renewal, no vacancy charge (comes to ~80/mo average for PM). 

You have until extension deadline to fund the employer portion of the SOLO 401k, but employee elective deferral for a self-employed individual must be generally deposited within reasonable or but no later than 15 business days (i.e., excluding weekends and federal holidays) following the month. 

I find that the properties closer to Mack by Grosse Pointe are better especially if they are a stone throw away.. there are some streets that have a lot of empty lots.. 

So if you have a 2 year tenant add another 0.5% to that. 5% side of the spectrum for the higher end/larger buildings/higher gross rents,.For CapEx- I would put real numbers to it as much as possible.