Stagger the end dates so you never find yourself with all three units going vacant at once.Another benefit of having them sign a new lease.... you can raise the rents if they are below market and immediately give yourself an enhanced return on investment.Good luck

Is multi family real estate investment in Birmingham area a good investment.Yes, Birmingham performs similarly if not better than many markets using many metrics, such as cap rate - cash on cash return and has solid ROI.Birmingham also has a lower margin of entry Cash wise to most other markets. 

My question was more in regard to quickly comparing/screening returns across markets.

If your return on cost and payback period for the mini split investment is attractive then yes, it could be worthwhile.   

From what ive learned, its not a great idea or a good return on investment to put granite in average income or blue collar neighborhoods (which is where my property is located).

@Brian Holt if you have owned the existing rentals for the last few years then tax returns will tell most of the story.

If they don't sign and return the new contract, begin the eviction process and get a new tenant with the rent you want.The tenant is not in control here, you as the owner have control.

If your able to get in and out very quick with a good return then maybe it makes sense.

Post rehab, we are thinking would be at a good value, giving us the option of BRRR or....as my taxt acct recommended, return the $ to the 401(k) to avoid paying the fees.Being our first investment, We are both, nervous and excited, but convinced that We want to invest in RE.

Perhaps you can send him an email that simply states that if he does not return your keys, you will have no choice but to file a police report in two days, which would be a hassle for both of you.