How much does property management cost?

Hello, I have an older 3 bedroom townhouse that is getting rent ready right now. Doing some renovation. The property can have issues as the previous owner neglected it for years (I know the owner and purchased at a great deal). The place is in a good location. I know there's some further maintenance and upkeep required.

I was wondering about retaining a property management company or an individual who can act as a property manager. I currently have no time to self manage. What's a ballpark cost am I looking for having someone manage a single family home? What's usually covered and what do I have to pay out of pocket?

Do management companies take on just one home from a person? If I go with an individual, what should I look out for?

Any advice will be appreciated thanks!

ETA: I got a quote at 8% of rent. Does it sound reasonable?