@Andrew Y. if those homes can be remodeled, that may be worth doing.

You have X amount of money spent on the note and Y amount of income.

The scope cam revealed that a previous owner had cleared the pipes before but not dealt with the problem.

.- Buy the home below market value with the appropriate as-is value, presenting your low offer based on x,y,z repairs.- close, break ground and start rehabbing! 

Originally posted by @David Y M.

Normally the terms might be x% return in y Months or the return of investment after the sale and Z% of the gains from the sale. 

Just tell them that their time is up and if they want to continue renting then they have a 1 year at X rate 6 month at Y rate and month to month at Z rate.

Hasta la revolucion siempre y es necesario el profilactico aqui.

@Jay Wang I can only speak for the Raleigh market, but we've had a 15% appreciation Y-o-Y and I work with homeowners in the $600K-$1M price point who haven't slowed down their offering.

Look at any CAM leakage with the leases that can affect NOI, any association back dues or special assessments coming for roads, etc.