My parents own a small apartment building in a rural area - about 10 units. They’re there several times a week, and when someone moves out it can be days of work. Not to mention paperwork, collecting, occasionally needing to go to court, etc.
Don’t get me wrong, it’s decent money for the time they put in to it, but it also took a large investment and is absolutely a job. That deserves a payoff, just like any other.
Property Management (not the ownership part, but the operations part) is very much a job. And how much of a job depends upon the pool of properties, their level of maintenance/upkeep, and the tenants. Managing repairs, proactive maintenance, the finding and of vetting tenants, accounting, landscaping (if applicable) etc ... all add up.
Don’t get me wrong, it’s decent money for the time they put in to it, but it also took a large investment and is absolutely a job. That deserves a payoff, just like any other.