To hire a property manager or manage the property yourself is a decision that all landlords must make. Granted, if you live in a different city than your property resides in, that makes it an easier decision than if you're right there, but there are always various pieces of information that you'll need to consider to make an informed decision, no matter what you choose.
Personality and knowledge play a big role in which way you'll likely lean. If you're a do-it-yourself styled landlord that has time and the knowledge on how to fix many little things that go wrong in a rental property and enjoy researching the local market, you're likely to consider managing your own properties. It has its perks in that you won't be paying someone else to do it, but you'll spend quite a bit of time juggling the marketing, maintenance, and tenants.
If you are not geared towards the do-it-yourself mentality, you might want to take a look at a property management company, If you hire the correct one they'll be able to help in keeping up with the local markets and much, much more.
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