The neighbors get foreclosed on more than typical neighborhoods and that keeps values lower for longer.2) HOA association decides to levy a $20K assessment on all owners in the neighborhood in order to upgrade everyone's windows, decks, roofs, and siding.3) HOA increases monthly dues by $250 per month in lieu of a large special assessment. 

So they got what they wanted which was a chunk of cash up front and I got what I wanted which was a good return on my invested capital.The seller had a recent appraisal on the building so I offered them a bit less than the appraised value and we worked out a rent that is comparable /sq ft to similar properties in town.The seller gave me yearly rental increases and I gave him the option to buy the property back from me any time during the 5 year lease term because that was important to him.One of those classic win-win deals.

I am biding my time a bit, last year when we finally got the town to phase out rent control on vacancy we were also able to get them to include a floor increase of 1.5% if CPI is less.

I put together an amendment to their lease, "deferring" September and then increasing their rent through the rest of the term.

I have noticed an increase in used multi-family unit hitting the market over the last 30 days so there are out there.   

How much rental increase that would provide.

I know that the property management it's not a primary consideration but I share it with you cause I have a very good and reliable team in Orlando so I'm sure they will save me a lot of money if they will take care of the properties.I'll be happy to get advices and detail info from a local investors in those cities. please be specific including neighborhood names or zip codes where you think will be the best to put the money in. 

Go for a personal note with this slight increase?

I have not had to factor in a commercial rental in my considerations.

I plan to refinance this property in a couple years to increase my cash flow a couple hundred dollars a month and then hold onto it indefinitely.If I had the cash and ability to get financing I’d have financed it from the start.