Any word of advice on repositioning the property after closing on it, raising rents on existing tenants?

.$625 might be pretty cheap for your area, which could mean you have opportunity to improve / raise rent, but it also might mean you are dealing with a tenant population that is a bit tougher to manage.

Marketing you will spend alot to raise your self out obscurity, unless you have a strong network, that you can fill their mind as the go to real estate person. 

Many applications I reviewed while developing mine asked potential tenants for bank and credit card account numbers and balances.  

How do you calculate the rent deposit when you have raised the rent.

If we don't get a lot of interest in the first couple of weeks, we can always raise it to entice more realtors to show it.

You don't have a bank holding all the cards in the deck.  

Word of caution in that they do annual inspections that depending on the inspector can be ridiculous and you can't raise the rent that much.

@Derrick Powell  Keep in mind if you sub meter and pass the water bill on to your tenants vs you paying them now; you have essentially raised your rent wit no benefit to the tenant.

And 15% for maintenance and capex sounds about right for normal rentals.....not for low income rentals in D class areas, I'd raise that number signficantly.