You could also set bonuses for hitting certain metrics with the investment.Often times I see investors not include and expense item for PM and try to self manage and then find out they do not want to do that.  

I want to strike a good balance between area's safety and ROI - should feel comfortable visiting without needing to looking over the shoulder or worry about high burglary rates  :) Good schools are a bonus too, but ROI trumps. 

Relationships now will be a hindrance or a bonus depending on how you choose.

Will you accept a bonus your job gives you even though bonuses are taxed at one the highest levels, around 42%???

Think of it as a nice little bonus for yourself or a good way to build up your cap ex contingency fund.

The insurance and taxes are very low so that is another bonus.

Just a bonus opinion... 

A lot of the loan officers in these institutions are on a low base salary and make bonuses when they close loans.

You could take the calls yourself when you're available to cut down the cost.I've thought about hiring someone like a stay at home person but I'd feel obligated to pay bonuses for houses under contract and so in the end maybe a virtual secretary wouldn't be that bad.

. - I only accept electronic rent / deposits... my tenants are young professionals and prefer this method anyway- I go back to check on the unit 1x per year - fully tax deductible trip per my CPA (its a bonus that I happen to see friends at night after checking on it).this model might not scale without PM, but remote self-managing works IF you plan ahead