You should also consider the geographic location of your investment property compared to where you spend most of your time. Your property manager may be more accessible or have more mobility. Even if you live in the same city, your property manager may be more accessible than your schedule or location allows. Your property may be on the complete opposite side of town than your office or home, requiring a minimum of a 30+ min commute or you may have invested in a property in another city or state. In both of these situations, it is practically impossible to effectively manage the properties in a long-distance capacity. A property manager will have more availability to the tenant(s) and quicker access to resources for emergency maintenance situations.
