Do you plan to rent it out as an STR as an entire home, or by the room? 

However, it's been six months since we hired a property management company, and the property is still not rent-ready.Now, the management company is telling us that we need to spend $8,000 to get the property rent-ready after a pagedale occupancy inspection.

, is this something that would be offset if you just hold the property after a 5 year estimated proforma with a 3% appreciation/rent increase?

But they do get deals in a great locations. 

Location.

Is 5% rent growth conservative?  

I am considering renting to someone who1.

I would not recommend BRRR until you have lived here a while and adjusted to life here and  made some connections while paying attention to what the market is doing, what is considered a good location and where the gaps are.

Rents are mostly at market rate, and are for the most part, fairly consistent around the city.

Some PMs charge a full month's rent, others charge a flat fee.