Rates are volatile in a upward direction and therefore waiting around will only harm this project.

Austin, TX is an outlier and what occurred in that market baffles other places.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

And you are lucky that it is on replacement cost basis vs actual cash value as of the date the damage occurred (depreciated)!

.; settling and cracking foundations, poor materials and design, etc.)....of course, there are also plenty of old properties that are dumpster fires, and plenty of new properties that are excellent...it varies from property to property.Personally, I like well-maintained old houses because most significant issues (like foundation settling) either have occurred and are clearly visible, or they've been addressed...whereas a brand new house can be a dice roll (you're basically the guinea pig who gets to be responsible for any teething problems the house might experience in the first 10-20 years of existence).People who say "new properties are less work" are demonstrating their lack of experience--a new property is not always a guarantee of less work, and new properties sometimes have problems that old properties don't. 

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

If so the foreclosure sale has already occurred and junior liens have been wiped. 

Per our conversation when you were last at the house looking at the fridge, all of the door seals appear to work properly and there is no obstructed air circulation or items pushed against the walls or rear which would isolate freezing (each time freezing and thawing has occurred, it does so throughout the fridge, not just in one area).

However, you are likely to be grandfathered in if a change does occur in the future.

When any of those two events you listed occurs, you are right, you should make a move.