I'm planning to turn it into a rental and was wondering if I should consider hiring a property manager for my first rental.

Michelle Wang,With all due respect, you should make plans to be in another business once you're out of Real Estate Investing (Residential, Income Property).There are Members of our MassRealEstate dot net Association that come crying to me about similar situations as yours i.e.

You haven't told us anything about what you plan to do after purchasing the property, so it's not clear how important interest rate is in the long run. 

Therefore, I don't have definite plans for how long I'll stay in Oregon, and consider the possibility of someday returning to the Austin area.

What happens if you lose on it, you now have an additional liability, not just a loss of money.Are you planning on keeping the current property or exchanging it (1031) into something else?

You’re up 40% over your withdrawal plan.

Like Jay said, often, new construction does not go as planned.

I would focus on homes with dysfunctional floor plans.

Trustin your PM partner is important and they will follow your lead, so don't expect them to provide you with your business plan. 

Neighborhoods like Logan Square or Albany Park have seen growth in rental demand, making them potentially good starting points.