The result will be a very clean and much improved manuscript, but with lots of comments and suggestions, which will probably require some rewriting and extra work on your part. Getting back a heavily edited manuscript like this can be challenging, but know that it will drastically improve your writing skills and help you identify your weaknesses. During the revision process, it’s possible to create new consistency issues, which is why we recommend a final proofread or at least some beta-readers to help finalize your manuscript.
Perhaps there is some misunderstanding of the phrase ‘developmental editing’ used in this article. Given the number of hours necessary to process, dissect, and reconstruct a text of that size, it sounds like anyone who charged that lowly is doing the job for fun and has a spouse to provide for them–all the while devaluing the work of people who do this for a living. It’s really not ethical.

Stephen, you’re right, and I think much of the confusion about editing and its pricing stems from the fact that editors offer a range of services (in addition to a range of experience). It might be best to view editing on a spectrum from broad (developmental) to detailed (copyediting and proofreading). And it’s always best to have as clear an idea as you can about the kind of editing you believe you need.
As one person who “woke up and decided since I’m published and an English major, I should be an editor,” I can see your point of being only one type of editor. I’m not a good copyeditor at all and don’t offer my services for that situation. It’s funny that you would say a traditionally published type editor would be better than the independently published editor. I found this to be totally untrue since I have worked with both. My traditional editors from St. Martins Press and Bantam books working a total of 35 years in the industry, was the worst editor of all. My independently published editor/book coach, is the most knowledgeable. So there is a bit of a disparage. It’s not an absolute science, editing.
For my book, Career Change, I gave an early copy to people working in my department in the day job who I knew were dissatisfied with what they were doing. They came back with questions and suggestions for what to include as additional material. For The Healthy Writer, we asked medical doctors to read it as a sense check (even though my co-writer, Euan Lawson, is a doctor!)
Every author needs it, yet self-editing a book is nearly impossible. Even bestselling authors would never dream of attempting it. Hiring an experienced book editor is often the best investment you can make for your book, and your writing career. Book editors do more than make sure your I’s are dotted and T’s are crossed. They ensure your writing is fluid and poignant. Trusting BookBaby with your manuscript might seem like a big commitment, but so is making a book. The best way to make sure your writing is perfectly polished before it’s in print is to invest in editing services from a brand you can trust.
You draw distinctions that use idiosyncratic definitions of some fairly standard terms. For example, Chicago defines the terms “manuscript editing,” “line editing,” and “copyediting” as synonymous with each other, and none of them as synonymous with “mechanical editing,” although that is one element of them. Certainly, I agree that an author has a right to expect more than merely mechanical editing unless that is specifically what they have requested. However, I cannot agree that the only route into competent and appropriate freelance editing is internal employment within a publishing house, and that the only clients who should be counted as a relevant part of a freelance editor’s curriculum vitae are those who are traditionally published.
In addition to the individual editors listed above, the Reedsy marketplace is full of vetted professional editors for every editing level and genre. They screen their editors and only allow the best of the best to be listed on their website. I'm a BIG fan of them because they have made the process easy for me to find the best book editors, book cover designers, and even writers to help me with my projects.  Talk about awesome!
Every author must decide what is important to him or her in an editor, but in these days of electronic communication, honestly I do not think it is important to seek a local editor unless your book is specifically related to something of local interest. Even in that case, you may benefit from the perspective of someone who does not have all the local knowledge it can be easy to presume, so that you can prepare your book for a wider audience.