I don't know how much the $ impact is of your rate increase, but how much are you increasing rents?

There are other communities that would have better opportunities to cash flow.Although there is no guarantee of future income on any STR, I believe that 2025/2026 we will see a good increase in travel, mainly due to EPIC opening and the overall attitude of 'the people' coming off of the election.

I would also increase your underwriting rehab estimate number by 15-20% since most renovations go over budget.

Running detailed cash flow projections, factoring in their management fees and expected rent increases (you can use some of the great BiggerPockets Pro tools like the calculators to do this!)

Still, it makes sense because oftentimes some of the rents have never been raised for years, and those NW side neighborhoods have increased rent dramatically! 

In many of the C-class neighborhoods, rental rates are exceeding the expenses for investors.As of April 2024, the median price of a home in Ohio was $238,700, which is a 4.7% increase from April 2023.

My first investment was not a great one, but rents increased from $1200 to $1900/month in a few years.

I think your income easily justifies a common-sense, time-proven method: increase earnings, reduce expenses, save, and invest.

I estimate high of what the bill would be and put it on their lease, I have not had any issues this way and if the water bill goes up, I will increase on the next lease. 

They have increased the price now the basic is $99.