Obsaleet, Don't buy a new motor yet. A motor at 1200 RPM, 230 volt single phase, TEFC on 215T frame can be purchased for about $550.00. Motors at 1200 rpm are the next most expensive except for 900 rpm which is very uncommon. But available.
The VFD (drive) will have to go to 7.5 Hp for derating single phase. You can get the drive for about $550.00.
As you can see you now have a choice. You have to ask yourself a couple of questions.
Do you want speed control?
Do you want controlled starting?
If so you should buy the VFD.
If you don't need any of the above, then just buy the single phase motor.
for prices on drives and motors. These folks have very good prices as they have no overhead. All orders are web orders. They do have a tech support team. The prices I gave you are from http://www.wegelectric.com
Also a good price at great quality.
Another thing to consider is the existing motor. Can it run on an inverter (VFD). Does it have 1600 volt magnet wire in it. Does it have class H insulation. It is possible to kill that existing motor with a VFD as the output from the VFD is not a true sign wave. So be careful if you go with the VFD. Might have a motor shop check it out, or give all the nameplate information here and I can check on it.