Bought 4-plex -should i Kick tenants out?

[Eva Morel]

Hi BP!

I just purchased a 4-plex for 550,000$ cash flow after all expenses is 700$/month. This is my 3rd investment property. I have found my niche in "medium-term rentals." But also don't mind diversifying in a few long term rentals. The units need to be updated. I currently live in a market where housing has exploded and rents are off the chart. I have a few options:

1) raise the rents without touching the property (cash flow could then be around 1,500$/month

2) update the units (estimated 50,000$) and then (cash flow around 3,000$/month)

2) update the units and do medium term rentals (cash flow around 4,500-5,000$/month)

I'm also having trouble kicking the current tenants out with how bad our housing situation is as well as homelessness. I'm not sure what to do at this point so I've left the current long term tenants in place for now. However I also have 30,000$ worth of daycare bills coming up next year. Thoughts?