I find it odd that this isn't a more standardized practice.

Is this standard for most major property management companies.

I would look for an experienced agent of my own who understands what is standard for your market.

While technically negotiable, the Sitzer/Burnett case revealed that the industry practice effectively standardized these rates.

Here is the key: Don't pay for anything until it's done to your standard.

S8 standard voucher amounts INCLUDE all utilities.

Which essentially puts some standards in place and a good guideline for handling all things in the company. ie. company mission, telephone standards, tenant screening process, etc. 

Best way to understand this is research appraisal standards and means. 

I a factoring in the replacement of the AC unit and potentially the water heater, and the cosmetic thins (I would do myself) to get it to rentable standard.

LTRs with long term conventional financing and standard management aren't really cash flowing anywhere right now. sure, there are lower cost markets that look better on paper, but there are costs associated with those supposedly cheap markets as well - deferred maintenance, more challenging tenant base, higher cost turnovers as a percentage of the rent.2. i wouldn't pick a random market thousands of miles away based solely on statistics or numbers.