By the way, your 5% for repairs/maintenance is low unless this is a relatively new building in great condition in an A class neighborhood.

Interior wise, the common area needs painting and new carpet.

I say potentially because although 3/2 is common in the area these style of property is not.

Fannie/Freddie commonly do some fix up to their reo’s.....from preservation type repairs, new roof, to complete rehabs.

If things have gone well after so far (Tenant has paid and maintenance issues have been low) you might be in ok shape.I think the big question here becomes does this company flip houses first and manage only when they have to second? 

Since I did not have scale, I did all of the property management myself (advertising vacant units, showing property to prospective tenants, minor maintenance, finding and overseeing contractors for major repairs). 

One point that I have not seen mentioned is the ongoing CAPEX / Reserve allocation; Common area upgrades / refinishing, Roof, Cooling Towers, Boilers, etc, etc. all have to be done at some point as you know from your residential experience.

Your payment will simply be too high and your rent will not cover your mortgage payment (PI, AKA debt service) and all of your expenses (vacancy, PM, taxes, insurance, maintenance and repairs, and an allotment for CapEx). 

It is not unheard of, but I'd imagine it to be a bad business practice not to allow flexibility if it spoils the deal. 2% buyers commissions in my area are very rare. most are 2.5-3% sometimes subtracting a small transaction fee (something else that is odd to some and common to others).

I’m probably panicking about it now.I wish you good fortune with the high maintenance guest to come.