Raising rent on inherited tenants??

[Wally Klosner]

Hi everyone,

I'm working on a up/down duplex deal. Both 3/1. It has a value add of making a 2/1 or efficiency in the basement. Anyway the owner has got bigger irons in the fire and has just lost interest in smaller properties. He hasn't raised rents In years and has left half of the duplex empty for about a year. The median rate for a 3/1 apartment in this area is $200 above what he is charging. I would like to raise it $100. C+ B- property. I don't want to shock the existing renter and scare him away. How should I go about this?