They've been great owners, keeping the upkeep strong, and lately putting about $40K into it to ready it for sale.

In case you think that has slowed, the quarterly increase was $130 which is not quite as fast, but still way too fast.The issue is there are many reasons rents are increasing and raising rates does not help lower the rent increases. 

I was in a somewhat familiar situation last year when I started in sales.

I have found a former wedding venue that has been listed for sale at $1.1MM.

For the rent controlled units, I expected the market rent to hit the rent increase limit. 

I currently have a 2 bed/1 bath (although could easily be converted to a 3 bed) house for sale in TN about five miles from Damascus, VA.

I have scanned through about 1/4 of the sales in our county for the last 3 years, arranged by seller name, looking for a person or company who has made multiple sales, but so far, the couple flippers I have found doing that haven't responded to me.

This year they are quoting me a 20% increase at $3927. 

Unlike a traditional sale there is no due diligence period as part of the sale process.

In Columbus with CMHA you can request once a year 1 rent increase.