On this property, I'd give it a pass unless the seller is willing to adjust the price or you can increase the income somehow (gradual rent increases as leases come up for renewal), property improvements, etc.Luke

I agree with Greg's comments about gradually raising the rent. 

On the other hand, if you are just planning to buy some multifamily properties and gradually grow those, then that is a different case and may get away with learning on the go. 

Hopefully you are able to raise the rents up gradually and keep the good tenant. 

I would have changed out the system but there was a timing issue.I've been gradually installing newer heat pumps/AC units as they "break" but would never do one that wasn't broken.

So be patient keep reading and learning here and in your market and it will gradually become more clear.

- Gradually bring rents to market rates, some haven't increased in 5+ years. - Add onsite laundry, building basement storage, reinforcement of rules, and outdoor facade improvement What was the outcome?

You get a few more weeks to work on the last few items, they get a few weeks to make a gradual move.Give them a few different options with the statement that your policy is that you don't hold units longer than... insert time period. 

I do however want a property that will likely stay stable or increase gradually in market rent.

There are still plenty out there that cashflow, although they're gradually getting rarer.