The risk has increased due to more difficult to terminate poor tenants.  

To pay off the mortgage faster, you can put extra money towards the principal amount to lower the interest and increase the ownership of the property.

Now if interest rates climb to 8 to 9 % then a mortgage lender has a reason to call the loan in order to increase profits.

@Chealsi Stocco be careful chasing ROI because as it increases, so does the risks!

You can also be hit with special levies or increases in the fees as well as the condo board changing rules regarding rentals.Three years ago when I was looking at a higher end condo vs a single family home, the comparables in terms of rent were a condo for about $240K with monthly fees of $250 (I think) vs a single family home for $270K. 

On the equity side by increasing net income and or decreasing risk, on the debt side by “working” the note.  

Since this may not come into play until several years from now, is there an accepted standard for establishing a fair future rent price based on market rental rates somehow?

One way is to increase the rental income on the building as well as think about other streams of income from the property, perhaps there's parking or storage you can rent to their neighbors who would need it?

Maybe it would be better to add another increase to cover costs associated with it? 

I finally have Q1 data from MLS and mdeian prices are up 11.5% YoY - that is the highest increase we have seen in Milwaukee yet.