Philip, it really depends on your county’s housing authority.

I've never seen such a mismanaged business.

8%-11% is pretty standard here and as someone mentioned it really just depends on how the company is run.

I have many clients buying the older homes in North Phoenix near the north 101 as they are 20-30 years old, in need of updates, but also are poised for the long term growth from TSMC and other business/economic activity in the area. 

Started with the flip business 2 years ago and going strong. id say start by practicing comps in your area, learn your market and go to real estate meetups.

- Does this answer change/depend based on my current tenant's wishes? 

Items like a missing doorbell or blinds may fall into wear-and-tear depending on their age.

I use the terms -  "corporate furnished rentals",  "short-term rentals",  and talk about my target clients-  Business travelers, traveling nurses, traveling healthcare workers.#6  Knowledge -  Know why STR is better for the landlord than traditional rentals.   

Everyone is trying to maximize earnings in this business. 

Growth can kill a business just as quickly as poor cash flow.