As long  the tenants pay the rent each month, increasing their rent will be very tough and getting them to leave will be extremely tough. 

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

We increased the rent slightly after the first 24 month lease and were able to recently increase the rent when the first tenant moved out.Lessons learned?

In fact, I have still been increasing my monthly ask with turnover.I agree with what @Dena Puliatti said - it is not a cash flow play in Huntsville right now whatsoever, but more of a "break even" cash flow play for appreciation.Folks, there is a LOT of dysinformation on Bigger Pockets right now about the Huntsville and Madison areas in numerous BP threads right now - more than I have ever seen in the past. 

Do you have other ways to decrease your expenses or increase your income aside from real estate? 

With your income, you may qualify for an FHA loan with a smaller down payment, but buying now could limit your borrowing power and increase monthly payments.

got out of flipping to new construction in our market in columbus ohio. licensed general contractor. when interest rates got high single family existing went down by 30% new builds sold at a 6% increase that year which demonstrated the desire and premium that new construction commands. never looking back. total control, rinse and repeat. we can get permits in 28 days. we can buy land cash in 21 days. we can build in 120 days to 140 days and keep moving. super scalable and easy and no risk. we build the same 2-3 Floorplans 

Leverage will be reduced from the max available, reserve requirements increased and, typically, you would be required to use a professional property manager.

Do the math and you'll see it doesn't make sense.The best way to invest: increase earnings, reduce expenses, and save.

I would be cautious buying in the saturated areas because there are so many similarly sized properties that price is becoming increasingly the deciding factor.