We just increased ours to a $50 late fee after 3 days and $10/day after that.

Since the tenant started renting, the market rate for the rental property has increased significantly. 

If you increase rents, if you go MUGS and put the utilities, if if if ifHaving owned and sold businesses and 1-2 properties, I have learned that I do not want to pay for POTENTIAL, but want to pay for what it ACTUALLY produces.Of course the seller will want the max, and the real estate agent will also want the max, so will push for the Pro-forma or potential income.....and base asking price off of this.I find that my numbers to evaluate properties almost never work with the asking price (based off potential), but almost always work with ACTUAL value.

They were charging another homes repairs to my home and wasn’t caught until I threatened legal action.I reached out to the new person who was managing my property to inquire about a lease renewal for my tenants and make it clear I needed to increase the rent to cover expense increases on the house.

So as you move down in price point, competition increases or if the deal gets closer to cash flow with lower down payments.

Have your systems and processes in place to have the business become increasingly more autonomous (cleaning, pricing, property management software, automation, etc).

A notable sign of progress is that Detroit's population saw a slight uptick in 2023 according to the US Census—the first increase in nearly 70 years, which shows some positive momentum.I've found Detroit to be a good mix of cash flow and potential appreciation, but having a solid team on the ground is absolutely crucial.

., allowing flippers to invest with lower upfront costs.Growing Job Market: With industries like logistics, healthcare, and tech expanding in Memphis, demand for housing is on the rise.Steady Appreciation: Home values in Memphis have been steadily increasing, providing a favorable market for short-term flips.If you’re looking to get into the house-flipping game, Memphis offers the potential for high returns in a stable, growing market.

All that to say, I highly suspect appreciating home values and increasing rents in the coming years, but current rent is lagging behind home price.-  The current tenant only pays $900 and can only increase a little because he pays with his SS income. - If I were to find some creative renter solution and low-ball the market rent at $1700, I could only put in about $180K total assuming a conventional mortgage to generate acceptable cash flow.So, apart from increasing rent and managing the property myself what are ways that I could make something like this work?

That could greatly increase your premiums or even get you dropped, so don't make that decision lightly!