You know you already have or can find a buyer for this very same property in it's very same condition for $150,000.

Do market conditions, taxes, or potential rental income play a big role for you?

I would explain to them that for the unit in the condition it is in now that the rent is still below market rate. 2.

And, if you are buying a property that is already in good condition, or is fairly easily to rehab, you’re probably right.  

I am unsure of the circumstances, price, owner interaction, condition, but in the current market it is taking about 2 months from vacancy to move in.

If some applicants fall below your requirements, then everyone would be considered "conditional," you can raise the security deposit to mitigate your risk of someone breaking up or defaulting. 

I take a look at the comps from the past 3 months and compare each property's finishes, livable sqft, condition of backyard, type of flooring, type of cabinets, etc.

MLS - it was overpriced for the condition it was in.

Hi @Ellen Feiss I agree with @Ty Coutts that you should start with informal, friendly, face-to-face conversations with the tenants to establish rapport, especially as you have some lead time here before next April.People don't like surprises or having to scramble, so if you are able to let them know your plans in advance, if they are reasonable people they should appreciate the extra lead time.This is especially true if their rents are currently very under market - they will have sticker shock when they look at what other units are renting for, and have to spend more time finding a new unit (if you'll be asking them to leave).If you have to move into one of the units yourself, I'm surprised you (or your lender) didn't make it a condition of the purchase and make the seller have the unit vacant for you.Sooner or later in rental real estate, you will have to establish a relationship with an eviction attorney.

MLS - it was overpriced for the condition it was in.