For landlords, this will have the overall effect of reducing rents at the lower end, as more people become homeless and/or are forced to relocate.2.

I ran a DCF, increased NOI by 2%/ year, forced an 8% return, assumed id sell in 10 years at a 7% cap rate and came to something like $440,000.

I am active duty Air Force currently in the Belleville, IL area; I have a wife, 7 year old and <1 year old. 

You find the markets that will deliver properties to achieve those financial goals, and you DON'T try to invest in a market simply because it is local or available, and try to force it.  

So I'd contact the tenant let them know you will be forced to file eviction if the unit is not empty.

Future mortgage rates will probably be even higher than they are currently, and may have a negative impact on any real estate investments as cost of funds increase - mostly those with ARMs or are looking into a mortgage in the future.

Answer to your previous question is 'yes, lease stays in force until it's cancelled.  

There is a BIG difference between 1.5%-2% at ARV/retail price and hitting those numbers with your effective all in price buying distressed and forcing appreciation.

That means you are buying at a significant discount (because it is a distressed property),  and it will require a decent amount of repairs to get it to Market standards (and force equity appreciation).  

You're technically buying the house on the front end at a discount with the hopes of rehabbing it to force initial appreciation and renting it (BRRRR) to eventually sell it for a profit (flip) but you can sell at any time.