should I raise the rent

[Stephen Leblanc]

Ok, here is my situation. I own a duplex, the 2 units are side by side and each have there own dead. The units are exactly the same in layout. One side is in good condition and rents for 600 per month with nothing else included. The question I have is for the other unit. When I bought it, it needed all new carpet and the bathroom needed a bit of an upgrade. The tenant that lives there now, moved into the unit in this condition and it doesn't bother him in the least. He said the old shag carpet doesn't bother him. He has lived there for the last 7 years. He pays 500 per month nothing included. Should I raise the rent to match the fair market value of the property or should I be happy to have a person paying off my mtg for me. If I raise the rent, he may move and I would have to put $3-4000 into the place to re-rent it at the 600 level. Should I leave things the way they are? He is a quiet tenant buy not very clean. That didn't bother me so much because the carpet was old to begin with. He is one of those people with 4 TV’s in the living room because they were free. Kind of a pack rat, but not punching holes in the wall or anything.

Sorry for the rant, and thanks for the help

Steve