My question: Is the $500 re-rental fee standard practice for the area?

In my opinion it's smart to track the numbers and practice different scenarios. 

Right now I’m going to college and working full time and living with my parents, my college is paid for so I practically have no expenses.

Forgoing more lucrative private practice in order to be public service.

Then my payment would only be around $1284 - 900 from the tenant = 384 month, practically living for free.

When you practice this principle consistently, people recognize that you are someone of integrity and they trust your word.

@Jed Haslam-Walker Hi Jed,Thank you very much for your advice, really useful, a lot of information to process and many best practices which I had no idea about.

I have always had a very strong interest in real estate and plan to invest in rental properties in the future.Part of my desire to attend law school is to be able to practice as a real estate attorney.

I've read nearly every biggerpockets book, listened to nearly every podcast, joined a local meet-up, and spend hours on Zillow and Trulia practicing property analysis on local properties (mostly in New Castle).

This is just another example of what can happen when the Government gets involved with (IMHO) sensible and responsible practices of landlords and the Gubment looks for reasons to restrict and fine them.