The biggest thing to me is buying in quality areas that will increase in value over time.

- The increasing cost of damage repair and potential mold growth

Hoping (SD) rental amounts have increased and renting it out/refinance if able/eating the cost. 4.

If the current rents are below market, maybe it’s time for some modest increases, from what I’ve heard many landlords do this gradually.

I recognize this is not the sole source of return, but the other sources have their return increase with smaller equity position. 

Separately, the government increased the money supply by 40% with massive government stimulus and that drove the cost of everything way up (labor, materials, everything).

Do you think the area will increase in value?

Lastly, if you’re currently taking a homestead exemption on property taxes, once that drops off (if you’re currently taking chose to transfer the exemption to your new home) your property taxes will likely increase $1k-$2k thus increasing your monthly mortgage.

Your returns could be increased if you are willing to rent it by the room to individual students. 

IF that is the case full stop - yes you are paying for something called insurance but if you have a claim the company has the right to pretty much deny coverage for having the wrong type of policy.Landlord policies are higher cost but for a reason - there is a different and increased level of risk when the house is not owner occupied.Talk with your agent and get all the details sorted out.