I'll focus on maintaining the property and optimizing rent increases to ensure consistent returns over the years.

And during inflationary times rental rates increase.

That being said, there's no way your tenant will be happy with the increase so you may take that into consideration.

Your returns could be increased if you are willing to rent it by the room to individual students. 

In this era of increased rates, obtaining properties that will produce a good return are harder to find and often involve quite a bit of work.  

That profit will increase over time and improve your return. 

I recognize this is not the sole source of return, but the other sources have their return increase with smaller equity position. 

From what I’ve read in The Economist, demand for “off-the-beaten-path” destinations has increased post-pandemic, as travelers seek quieter, less crowded areas.In my backyard, investors and homeowners alike are increasingly drawn to areas like Gilbert and Chandler due to their exceptional growth potential and quality of life.

Change all lighting to LEDTo increase revenue: 1.

They've increased the price several times in the last few years.