New MFP Unit update/reno suggestions

[Alex Bacon]

Hello BPers, I'm closing on my first MFP the end of the month which is a 10 unit in Cincinnati.  My question for y'all is more suggestion based or what would y'all do  and what your ideas may be.   I plan on updating the entire complex as it's all very dated and could use a little TLC to maximize its rents.  It has been very well taken care with the major nuts and bolts like the windows, roof etc being in good condition currently but it was basically treated as "if it's renting and not broke don't fix it".  All units are currently rented out and most of the tenants are under month to month contracts with many of them in need of a rent adjustment as the are well below avg rents for the area.    Here are the options I'm currently booting around while I wait to close.

1. sign all tenants who are currently under a month to month with a 3 month lease to let all my funds and the "new owner" feeling settle in with the tenants

a. update common areas like the halls, stairs, paint etc which will give "reason" to the upcoming rent raises

b. at the end of the 3 months raise the rents on those who need it most in hopes of either they leave or if they stay they're paying at least close to avg rents for the area if not the equivalent of the avg rents.

c. as they move out update, raise the rents for the next tenants.

2. Take the band aid method, discontinue the leases for the month to month tenants who are well below average and update multiple units at the same time and get the updates done asap 

3.Raise the rents letting the tenants decide to stay or leave which will give question to who stays or goes but I'd probably have at least 2 or 3 leave up front.

a. Then as the other tenants leases come due let them decide to rent the updated apts at the new higher rents or leave so I can update their unit

4. Raise the rents upfront to at least a decent price, but not a huge jump, to find out who stays and let the bills settle in.

a. Get out there and offer on another MFP 

You're input is appreciated.

Thanks,

-Bacon