The space above the image is the Content area option “Space between Title and content” which is 1em by default. You can find the setting below
In legacy Admin this is in Main Options > Content Areas section
In the customizer, it is in Customizing ▸ Spacing, Widths, Alignment > Content > Other Spacing
The space below the Image is the default 2% bottom margin on the feature image. Without it, the text will be awfully close, but you could remove that by adding the Custom CSS Rule below to the theme Global Custom CSS Rule box
img.featured-image {margin-bottom:0 !important;}