We put a lot of efford and attention into keeping basements dry, but we still have an occasional pipe burst or sump pump fail and see issues and when you get water in a basement; carpet can be dried and cleaned, it's the open cell pad that is holding on to gallons of water like a kitchen sponge.

Hopefully they leave the place in good shape and clean so you can put it back on the market

Clear up the myths, clean up the mythos, and truly get to nuts and bolts of investing.

I'd also have money held back at closing (a significant sum of money) that they do not get unless they are out within the 30 days (or whatever you agree to-do whatever you need to have them treated as a short term tenant) and leave the place clean and in good condition (ie same or better than when you viewed it).

The big exceptions are windows and carpet.

I need all new appliances (Fridge, Microwave, Dishwasher, Sink, oven/range)I also need flooring (Tearing out carpet ..yes it's everywhere...yuck)Will also need to repaint and buy new LED lights for my fixtures. 

Quote from @Branden Rivero: The issue I see is the building is close to 100 years old and with a $500 hoa it's not an easy sale for an investor Yes, thats true however all expenses the past year increase insurance, sewer, trash, electric and cleaning service.

If they choose to leave, then I would give them no more than 60 days to vacate, clean the place up, and rent it for market rate.

New carpet and assorted repairs. we are hoping to spend more time in Asia the next two years and i am not impressed w PM here due to high costs and low quality considerations.

The attic has to be cleaned as well.