The first year of any new rental (with some exceptions) is pretty lean.

In most large markets, none of these developments are that big of a deal, except that it is a smaller town that hasn’t seen much change until now.

There are exceptions, but $650 isn't even close.

. $450K will go a long ways in a lot of different markets (except for CA!)

The most effective rent collection method is whatever works for the tenant - except picking up rent!

So here are pros and cons of managing yourself.Pros:  you keep all profits (except 3% to credit card company), get to know guests, create a rapport with regular guests, make it personalized and memorable for your guests (my housekeeping staff was great and would leave flowers for anniversaries and balloons for bdays)Cons: Phone calls late at night sometimes, dealing with guests who are nasty and ignore your rules (ie no pets/no smoking, but it's nice having damage waiver in place), trial and error finding right housekeeping/maintenance/HVAC/plumbing people.Going with a property management company pros and cons:Pros:  they deal with all the issues and reservations callsCons: they may not be as attentive to your property as you would be and don't follow through with rules of no pets/no smoking.

David show me a politician in the United States who hasn't excepted bribes!!

Except, instead of using CL, I just ask friends if they know anyone who would like to make a few bucks hauling trash to the dump. 

I've decided to stop taking cash  Fair Housing regs forbid this - - the LL must take payment in any form offered.I never use receipts except on move-in for the deposit and 1st month's rent.Being a remote LL, cash is not an option. 

Especially the math is fun one that popped up as you use the NPV-Net Present Value to get your IRR- the internal rate of return.At any rate you say the purchase price is $1,600,000 for 16 units which is $1m per unit-the NOI is $181,000/12=$15,083 per month income after all expenses except these here.