Source: FHFA House Price IndexInflation protection: The only way to maintain your purchasing power and living standard is if your rents increase faster than inflation.

We have a holding deposit/agreement in place and the lease is already signed and prorated rent paid. 

If rates did drop, that 3 year fixed period means their rate would automatically drop with it, so they wouldn't have to refinance if they didn't want to, but if they did want to (cash out refi made possible by a recession forcing more elderly people into assisted living facilities, thus driving up rents, and the value of assisted living facilities? 

As the rates increase I think more people are going to try to get out and cash-out.

Market rents are above $2k, per door.

The house currently rents for $1450/month, we have long-term tenants, and we use a management company.

For example, see these threads on what NOT to do.https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1193623-rent-...But, I like that you have a 'home base' in Illinois, that can potentially help you.  

Could be a battle to determine what kind of rent increase is "reasonable."

Hello,We just finished remodeling a house in the twin cities and we have an inspection to rent it.The inspector said that we were not supposed to change the vanity and the outlet by ourselves.

HI Dean,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.