But to date, I've just set my rents at a rate that accounts for me having to pay the water bill - and informed the residents that each year I'll increase the rent based upon my expenses (including water), so keeping the bill down helps me to help them.But one problem this could cause is if increasing the rent to cover the water bill then places your rent above the market rate.

Or maybe certain markets or property types you’re curious about?

At the time, rents were below market at $750 and $820, while comparable units were renting for around $1,000.

I suspect maybe something like Hagerstown or Cumberland, which yeah are Class D like markets with declining populations, high drug problems, no strong job base which leads to non paying tenants.

The key for me wasn't to invest in the 'best place' but to know a market so well that a deal jumps off the page when it appears.

Find a market or strategy, sounds like youre starting with land.

@Ellis Moyewe really don't know a lot about this situation since there aren't many details in your post... but i don't think this makes any sense for anyone involved here...if it's a flip that's not selling, refinancing may not solve your problem and allow you to pay back the HML in fulland typically a sub to buyer wants a low interest rate... and if you refinance now you won't be getting a low interest rate, you'll just be getting whatever the market offers.and finally.... the vast majority of loans are NOT assumable. 

Are the tenants paying market rents?

But it really depends on how good your marketing is.

Another option is to estimate value based on potential income and market cap rates, which can give you an investor’s perspective.