This hidden cost significantly increased my loan’s overall expense, and I only realized it after reviewing the final terms.

Even the projects that do not have 100% hurricane coverage are dealing with significant increases in their insurance coverage. 

Could State Farm increase my premium or, worst case, cancel my policy?

If the condition is similar to the market average but your rent is severely under market rate then I take an average between the current rent and the market rent and send them the following message 2 months before their lease is up (assuming you aren't in a rent control market),Dear Tenant,Some nice words and remind them that their lease is up within 2 months, please select the following options about their new lease, also mention that you are doing the best you can to maintain the rent as low as possible but with inflation, insurance and property taxes increasing, you have to raise the rent to keep up with the rising expenses. 1.

I think we are competitively priced, so most of out tenants have been renewing, but we plan to test higher rents in 2025  for our larger apartment buildings to account for the steep increase in insurance prices.There have been A LOT of new apartment buildings put up recently in the Cedar Rapids metro area, so depending on the class of tenant you have, maybe that could account for some of softening you are seeing? 

Keep in mind studies have been made to where rent control actually lowers vacancies and increases rents.

Increasing it to at least $500K to $1M ensures better protection.

Meaning its on path for gentrification and increased rents for the foreseeable future.

I can do financial modeling with you and talk to other new build investors it's a slow growth plan. build directly at 25% below the market and also identify land too. increase unit counts and get better economies of scale. single family homes will never perform like a three story walk up apartment. we build a stacked triplex in Columbus Ohio with a picture below, if you are set on Dallas look at land prices and see if the economics help. 

So long as you can keep it occupied and drive up your base rent over time, your property will appreciate and you will maintain (and increase) your equity.