Getting Rid of Long Term Tenants (14 years)

[Tariq B.]

Greetings All,

I recently acquired a 4-plex and all of the rents are drastically under market. One unit in particular have tenants that have been there for 14 years. They are an older couple on a fixed income. They currently pay $500 for a 2 bed house, the market rent is around 700-750 being conservative. 

Since the purchase I have fixed all items the last landlord failed to fix from rehanging cabinet doors to fixing a caved in floor (happened a week after purchase, go figure, it was from years of not being attended to). 

The tenants are great they keep the place clean and seem genuine. My problem is, this is a business and I am trying to get the most return, but I will feel bad if they can't pay the rent increase and they have to leave their home of 14 years. 

My plan was ro raise the rent 100 bucks (they are as of right now on month-to-month) then 50 the next year. Or ask them to move out all toether so I can get in there and rehab it increasing market rent to $800+

For people that have been in this situation, how did you handle it? Thank you!