Cincinnati local looking to increase my monthly income by purchasing buy and hold properties.

I might be able to increase rents to $225 even but that might be a big jump to put in play in the first year?

Thereafter I plan on increasing rent, but I'm adamant about making this deal work with the current tenant for the first year.

If the anchor tenant goes out of business or moves (highly unlikely I'm guessing) the value would increase a lot due to the easing of the deed restriction.

At this point in time, I am doing what I can to increase our buying power like finding a higher paying company to work for, and saving more cash etc.

Tampa - strong economy, few cities have seen the price of homes appreciate as fast as they have in Tampa & Orlando in the past 5 years, the median home increased in value by nearly 47% according to yahoo.

No but you need to understand that it increases your risk and your costs. 

there is value add for sure but they are all small apartments so won’t increase drastically looking at $50 per apt prprobably at most in the near future.

You want to review income statement from HOA before acquiring the property as many kept increasing fees to the point it is not worth owning a rental as business.

This significantly increases the real cost of the property and you'd need to include these costs into your financial model.