Geographically you're fine, feel  free to raise another $100M. 

Hi All,I am looking to raise my rent by a significant amount and need some feedback from the community.Here's the situation:This is my first investment.  

Hello Everyone,My name is Magdalene Fortson and I am a Real Estate Consultant in South FL servicing all three counties (Broward, Dade and Palm Beach).I am excited to join BiggerPockets and my end goal is to become an Investor for SFH and/or multi-family units.I was in the USN once upon a time and I was born and raised in the Bronx, NY.I just wanted to take a few minutes to introduce myself to everyone.

The challenges are:Condo association may not allow you to rent them or only allow for certain amount of time.Association fees eat into your cashflow and if they get raised or there is a special assessment there's nothing you can do.If there's a problem with the tenant and they break one of a hundred association rules, you're caught between them and the association.

Increasing the sq. footage is always a good addition and should raise the appraisal value

When we raise the rent, we expect to turn a slight profit. 

When they eventually move on you can renovate the property and raise the rent.

I recently made an offer at ~46% of the original asking price, and wound up buying it for ~63% with some extra land thrown in - after the owner countered my first offer by raising his asking price.And find off-market deals - the MLS is tough, especially right now.

Raising the purchase price (even in the unlikely event that the property would appraise at the higher price) will increase the amount of the down payment needed. ($115K x 15% = $17.25K.)

I'd raise an eyebrow with regard to whether you could do much to improve the cap rate (and hence value).