Critical Factor in Property Management Decision

John, a high-net-worth individual, is considering a direct investment in a commercial real estate property. He has identified a promising office building in a prime location that requires significant renovation. John has the option to directly manage the property himself or hire a professional property management firm.

To further analyze his potential investment, John is particularly interested in understanding the implications of financing options and expected returns in relation to market fluctuations. He is also considering the impact of operational risks and potential value appreciation over the holding period.

Which of the following factors is MOST critical for John to evaluate when deciding whether to manage the property himself or engage a property management firm?