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Updated over 11 years ago,
increase the rent?
Hi!
I am buying a $140,000 3 bedroom two bath duplex. All comparable rents in this area on craigslist (and the zestimate for rent) are 750-900 dollars. There is a woman in one of the units that is only paying 625. My question is, when her lease expires, should I increase her rent?
If so, I am sure I could get a renter who pays $800, should I increase it to that? Or should I go halfway? I have heard that there is value in a renter that stays put, pays on time, and takes care of the place. Should I leave it alone?
Some related facts:
She had been paying 600 for the last 7 years and last year (I assume because they wanted to sell the place) and the rent was just increased to $625.
The apartment is in good shape but may need new carpet or floor.
We will make three thousand after the mortgage payments without increasing the rent.
Thanks for you opinion!