According to your numbers, I would say to keep it as a STR but as a few others have said, look at different vacancy rates as well management fees.

The PM fee is meaningless, 

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

I was one of the fortunate ones that was able to get out of the contract and after all expenses (forfeited deposit, legal fees, holding costs, etc) lost less than $20k.  

ARV 900Total reno was 170k Appraisal $399.00 Shut off valves $95.75 paint $300.18 Commeercial enzyme cleaner $72.09 Water activation fee $51.38 shut off valves $38.52 Kilz restoration primer $275.66 Kilz restoration primer $150.33 Shower tile-Master.

State taxes may also apply.To minimize taxes, aim to reinvest the full proceeds into the replacement property, including closing costs and fees.

If someone doesn't pay their rent, then it can take over a year to evict them, and then I'd be left paying that mortgage and fees for a lawyer, etc.

Flipping on a land lease with high HOA fees = challenges that could impact profitability. $700/month HOA fee may deter buyers, elongating your resale timeline, and could push your ARV closer to the lower end of your range.

I dont know your business model exactly but I assume you collect some referral fee from the supplier?

For example, most anywhere will get $700 room, $75 fixed rate utilities, $700 deposit, and then offer a 36 months, 12 month, or month to month lease ($350 fee if ending lease <90 days).