I think I priced my first rental too low, 60+ interested people

[Carlos Guzman]

Hello,

So I bought a four-plex back in October (in Downtown Long Beach, CA), all units were rented by long term tenants (4+ years). I finally got my first vacancy last week and really wanted to remodel the unit to ask for more money but just don't have the time to do it now so I figured I'd just rent it out asap until I have more time and money. Tenant who left was paying $1,250 per month and so is another tenants in an identical unit. 

I listed my property for rent on Wednesday night for $1,350 and that same night I received 10 phone calls and 14 emails from people who were interested. It's now been about a day and half and I've got over 60 people who want the property. I listed ALL my requirements (which were strict) on the listing and have only showed it to 3 people so far and all 3 said "I'll take it!" (I scheduled almost every for this weekend, open house type of deal which I figured was easier than showing it to the 30 people who want to come on Saturday and several more on Sunday).

My question, clearly I priced it too low so what can I do about it now? I understood I priced it a little low for the size and location, this was done intentionally so I could pick out the best candidate (especially considering I live on the property) but I did not expect this many people. I have not sent out applications and I'm planning on putting them out on Saturday when everyone shows up. Of course I would like the most amount money but I am hesitant to raise the asking price now because I really don't want to make this look like a bait and switch. 

The only thing I am leaning towards doing is make them sign a 12month lease and put in the lease that after the 12 months it becomes month to month for $1,400-1,450

Do you guys have any other suggestions on how I can go about this? Also, I'm sure out of all those people, I am going to have more than enough qualified applicants. I want to chose the right one but without breaking any discrimination laws. If I have 2 qualified tenants but one makes more money than the other, can I base my decision on that? If 2 people have qualified credit scores can I chose one with 800 score vs someone with a 790 score? Even if the 790 guys applied first? Thanks.