This is all really good advice. Sounds like from what @Jason Stoltzfus shared, I don't have much to worry about if it comes to losing the tenants. @Greg M.'s dose of hard truth is what I needed to hear as I approach this first deal without any experience working with tenants.
The apartments aren't exactly in tip-top shape, @Scott M., but they're not trashy either. The property is a city row house, built in 1870, that was renovated around 2007. There are some nice features, like off-street parking and laundry in each unit, that makes them more valuable. I like your idea of communicating the list of changes I plan to make to the tenants to help justify the increase in rent. They're both currently month-to-month, so I should be able to get them the new lease before 11/1 so that it can go into effect 12/1.
