I only have two rentals and this is my current formula for annual rent increase for current renters.The greater of 4% or 1/4 the difference between current rent and Zillow Estimate not too exceed California AB 1482 which is capped somewhere between about 7% and 10%A concrete example:Current Rent $2937Zillow Estimate $35924% = $30541/4 Zillow Diff = $31015% base + 6% CPI cap at 10% = $3231In this case the increase would be $3101Note my rentals are EXEMPT from AB 1482 but I do honor this because I believe it is the right thing to do.

If its a B to C and there are dark spaces people like me are buying then I can offer them similar location with much lower rent and make a bunch of profit still.

Now, my properties are in A/B neighborhoods. 

Abiy, What kind of cap rate, COC return and community class (A,B,C) are you looking for?

it would be helpful if you put your price range, houston has tons of sub markets and price points. class A? B

I would only recommend in A/B class neighborhoods otherwise guests will be turned off and you'll have environmental factors that disrupts your operations.

Wondering what people have seen for cap rates in particularly Jacksonville (in the nicer Class A/B areas). 

@Shawn Ab focus on the urgent things first.

Welcome to self-managing rental units :) I'd be interested to know what quality of area this is in, A? B

However, if you know what each constant and variable on the left side represents, and what a change to each does to the overall problem, you can develop a strategy that works.6 + 6 = 12;  20 - 8 = 12; 3 x 4 = 12; 3x + A - B(3y - 2x) = 12 if A = 3; B = anything; x = 3 and y = 2or, if you are selling 12 eggs, but the buyer only wants a dozen, then don't argue...and just sell them a dozen eggs.