Unfortunately you can't change the color. But you can do this when the object is selected:

• The single curved arrow allows you to rotate the text. When you hover it the mouse pointer turns into double curved arrows. Click and drag to rotate.
  
• Hover over the center of the text and the mouse pointer changes into a little '+' inside 4 corners. Click and drag to move the text to a different position.
  
• You can change the font size when the object is selected by clicking the "+aA" or "Aa-" in the toolbar.
  
• You can make the text bold or italic by right clicking the text and selecting "Modify text style" from the context menu.