You can just raise their rents by 3% yearly.

The most positive thing you should do is to learn how to save more, Partnership types and forming, raising funds that can help you make the down payments, and buying apartment complexes with at least 32 units so you van pay for property management to take care of the daily operations. 

Thank you

The Sponsor's employee that is handling the raise is a friend and we're undertaking a different business together (so he has incentive to not screw me over). 

When the current leases are up, you'd want to switch that to make the tenant pay for everything, or raise the rents according and market the property as water/sewer/garbage included (perceived savings).Here's a list of the triplexes that sold nearby within the last year (triplexes are rare, so generally you have to go back further than 6 months):1769 Oxford Way, Stockton, CA 95204 - $290k2008 Buena Vista Ave, Stockton, CA 95204 - $365k1302 Holt St, Stockton, CA 95203 - $255k2158 Monte Diablo Ave, Stockton, CA 95203 - $335k2619 W Acacia St, Stockton, CA 95203 - $225k2879 Pixie Dr, Stockton, CA 95203 - $325kNot all those triplexes are the same, but it just goes to show that this property is likely $25-50k overpriced, which is why it has been on the market for 81 days (anything that's priced rent would've sold much sooner).At $375k your PITI would be $2,010/mo and at $350k it would be $1,876/mo.

Do you know what rents go for in that area and in the condition the property is in can you raise the rents if they are under market?

If they are doing even more damage and pay on time you raise the rent $50 as you mentioned and renew their lease and put off the rehab.

Is it an add-value property by raising rents or making interior/exterior improvements?

You need to get some cards from vista print or moo or one of those online places.

Citi adds 2 years onto the mfr warranty, but they don't have business cards other than Costco.