Property management companies do not take the majority of the profit. They often work for marginal fees based on the unit itself - somewhere around 10% of yearly rent. On top of that are fees for the maintenance of the building. Depending on how you bought the place you may need to pay financing -- or not. The rest is pure gravy. And that's just the rent. Next you also need to take into account the appreciation of the underlying asset - the land the property is built on. This is where the majority of the profits from home ownership come from.

A lot of work goes into property ownership. It's just not very expensive.