Hi Apurva,53 units -- It would be smart to talk to an Architect who does multi-family (In your general area) about the cost of doing a restyle as well as colors.Especially if you choose a Hardie (Fiber Cement type) product.With Hardie (Type) products, read the upkeep instructions, some require re-applying the joint sealers (factor that into your maintenance budget).Also with Hardie (Type) products there is a service life to the color...some come pre-colored, some your contractors must paint on site, (some require priming of cuts when installed)---talk to the Architect about the maintenance schedule and the CAPEX for this.Hardie makes big sheets of this for multi-family that Architects can use for visual effect and ease of installation.With 53 units--springing for an Architect to help with this would be intelligent.Good Luck!

What does cash flow look like if it were to be used as an income-producing property vs. an owner-occupied property- how would maintenance, taxes, and insurance cost change with each different scenario? 

The reason I'm holding back is because a high quality property manager needs to have high quality maintenance and construction on call . 

For tenant communication, leasing, maintenance I use  innago.

the usual re-painting and cleaning up the unit. added new appliancesinstead of dealing with lawn maintenance, we covered lawn with gravel.

I managed my own properties for 3 years before becoming long distance invester.Door lock change out - $245Adjusted supply air to move towards the room - $246Garage service door repair - $245 (no details of what repair)Bagged and hauled away wood from trees - $175 (on a property with no tree or wood around)Gas oven, gas leak adjusted and tightened line - $248In addition routinely charging me for grass cutting and snow cleaning when leases clearly say tenants are responsible.

We are thinking of asking $2100, but will still be able to contribute to the maintenance/vacancy account comfortably if we come down to the $1800 range.

They are making really costly mistakes, my tenants are unhappy, and I'm out thousands so far due to mis-communications, poor follow through, and neglect of maintenance requests.

You can expect very qualified tenants that are low maintenance. 

PROs: 1) You will learn more about how property management works, which will improve your chances of hiring a good PMC in the future.2) You will save PMC fees3) You'll know your properties better than any PMCCONs:1) You may make costly PMC mistakes: tenant screening, legal, evictions, maintenance, being too nice, not being on top of things2) More time3) You may make emotional decisions insted of business decisions