The standard offsite management fee is negotiable, but general 5-10% of the Effective Gross Rent. Typically, 10% is reserved for smaller properties, like Single Family Residences, and Multi-Residential Propeties with two to four units. I think the other posts pointed that out. But your question is directed at what should compensation be for onsite management. This vaires widely and depends on a lot of factors.
For a 53 unit property, I would suggest a free apartment and base salary. The apartment size will effect the salary. For a smaller unit, you would increase the salary and vice versa. If the property is management intensive, a commission might be included for each unit rented. The base salary can range and is based on the owner's budget, the income from the property, and the onsite manager's experience. If you have any other questions, please feel free to contact me.
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Jul 24, 2010