While rates may not decrease, the significant double-digit increases should level off.

I would want to make improvements to all units and increase the rent to market value when the renovations are completed.

It even states that the lease “will repeat itself” but doesn’t specify terms like figures or percentages for rent increases.

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

The mortgage would stay under the seller's name.The buyer could then rent out the unit, renovate, etc. to increase cash flow or make more money.But aside from a possible "due on clause" being called by the mortgage company, what's the benefit to the seller?

What is your Annual Rental Rate Increase look like?

If you generate enough money annually to dismiss a W2, then consider covering the ever increasing costs of retirement & health care and those do not go at inflation metrics but usually way higher. 

Household Debt Rose by $184 Billion in Q1 2024; Delinquency Transition Rates Increased Across All Debt TypesMay 14, 2024

Pros - guaranteed rent, tenants stay longer on averageCons - more mgmt needed (lease violations), they tend to not take great care of properties (increase maintenance expense or deferred maintenance)

Rookie real estate investor looking for some advice:I purchased a duplex in Grand Rapids, MI last October (2023).