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. 

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

@Paul Azad weather the juice is worth the squeeze depends on the specific deal and details.

Hi,How to sell a property as FSBO(for sale by owner) with as is condition clause.

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.

Many ways to make money in real estate no doubt  and market conditions do matter.  

No formula can be accurate across the board because even “cookie cutter” properties next store to each other differ as to view, location to the street, topography of the land, lot size, physical condition of the property, past remodeling, quality of the mechanical systems, sunlight, utility bills, past use, etc.  

Is air conditioning required?