With the interest rates cash flow with rent increases blends up and mortgage amount blends down.

Taller height + flexible access points could increase its value!

Do you increase the rent by strictly calculating the increases in your insurance, taxes and etc ?

These improvements significantly increased the property’s market value and rental potential, attracting premium short-term rental rates and ensuring high occupancy.

You can do all of those to increase value or sale ability. 

I "could" make higher returns on my equity if I borrowed, but it also increases the risk.  

Landlords tell themselves it's "guaranteed rent" but that's not true and a lot of the tenants come with "guaranteed entitlement" or "guaranteed turnover costs" that will cost you more than any increased earnings.Some people do very well with Section 8.

Any thoughts of increase visibility for a rental property in Virginia?

Increasing your payments with PMI, closing costs, and higher interest rates means that you’re buying your VA eligibility (your down payment amount) at a huge cost.

@Josh R. there is another option, one that would raise you're ROI too infinite, eliminate that finance rate too 0%, and via reduction in $-expense, increase cash-flow.