But once I got the bills, I increased the rent with the tenant's approval and signed an addendum to the lease stating the rent increase would be X and the owner would take over utilities.

Not only for the census ending in 2020 but also the projected population from 2020 to 2025.I agree that population increase is important and should be factored in when analyzing a property. 

Even a small increase could make a difference in cash flow.

They have been historically reliable over the last few years but I am hearing some rumblings of reduced leverage, slight increase to rate, or some kind of minor tweak to DSCR lending with some programs.Happy to jump on a call if you have any questions or concerns.Good luck!

This would increase the benefit to where the fee would not be so outrageous that it would hinder the investment.

The land has slightly increased in value (by like maybe 3-4% over 3 or so years) but the value of the structure I'm pretty sure has gone nowhere. 

Longer Tenure in HomesData from the National Association of Realtors (NAR) shows people are staying in their homes for a decade (see graph below):This increased tenure means homeowners benefit even more from home values growing over time.

My plan for this year is improve my credit, get my real estate license (to increase my income on top of my W-2), possibly career transition into the property management space (to learn more), and save as much as possible and learn as much as I can.I’d love to house hack close to home but my area is so expensive it seems like it’d be close to impossible. 

Death Rate: The death rate has been gradually increasing.

I have found that the "value add" opportunities, with rent increases, renovations, zoning conversions, and other work needed, absolutely do take up more of your time compared to a more turnkey property - even with third party management overseeing the process.