We had an attorney review and they see no rules in Wisconsin prohibiting an increasing rent considering we are issuing an addendum to the original lease with the increase. 

Fairfax County is also updating its zoning, although it's likely to stick to some odd rules (like only allowing renters who are 55+).

I should say that we haven't, by any means, ruled out purchasing a replacement property on our own as we have in the past.

Thanks 1) the city of Chicago has terrible rules against landlords, as an example Doing this from memory, but I think landlords are required to pay interest on an annual basis to their tenants. 

The government has strict rules on rent to own and the irs has changed the game

That clause generally applies more for those in the National Guard or Reserve who are activated for a long period of time (thus may have to take a leave of absence from a high paying job). 

Did you apply the current rents toward your income to qualify?

Rules of thumb like the 1% and 2% rule can be used for quick analysis but they are hardly ever accurate to actual numbers.

@Alan Feldman The general rule of thumb on commercial is also around 40-60%.

Stagnant economies that don't produce high paying jobs don't lead to increased real estate prices, so appreciation may be ruled out as well.