I used to ask the customer to provide me with a SOW.

I want to escrow taxes insurance and sewer.

Without running any specific numbers yet, and ignoring my 200k loan repayments for now, if I my rent income minus property taxes, insurance etc and everything else related to the expenses of the property (again, ignore the 200k loan repayments) comes out to anything beyond 12000 annually in the first year I'll probably be relatively satisfied with that outcome. 

However, due to rising insurance and tax costs, I'm starting to feel the financial pinch as the tenant currently pays rent 60% below the market average.My long-term goal is to acquire more properties, and I've considered doing a cash-out refinance to access equity for reinvestment.

You just ask to be added to their customer list and they'll come automatically when the snow hits.  

Include an exit strategy, tax planning, and insurance to protect both parties.

Do you think First Insurance will, insure in a high fire risk locale? 

Your insurance company might want to look at the property. 

For instance, depending on your location insurance costs could be much much higher than indicated in the book, construction costs are a lot higher, etc. 

Good insurance, particularly with an umbrella liability policy provides very adequate protection on smaller assets.