I plan to re-new lease but unsure how to deal with deposit and last month's rent. 

An exception would be more class A or B apartments where they are newer built in the last 10 years or so and rents are really high.So if you had say 40 units at 1,500 a door that is 60k a month gross potential whereas if you had 80 units at 400 a month low income tenants that is only 32,000.

My last duplex I bought I was all in at $70k for 1400/mo rent, or one-half what you posted.  

If you have a well-maintained unit in a decent area, your tenants will want to stay, even if the increase is substantial and it is within market rent.BTW, prior to purchasing, ask the owner for copies of the most recent utility bills, tenant estoppel certificates (signed paper from tenant stating financial terms of the lease) and CLUE report ( A report that lists if any insurance claims have been filed against the property in the last 7 years) to ensure property is insurable.

@Cary Ferguson Jr guess it depends on how low rents dropped during that recession, but based on what rents dropped to last time during the recession in this same area..I think I'd be fine. that's what I find so odd?? 

I have jumped into real-estate investing in the last year.  

Unfortunately the purchases of the last ones have not been long enough for them to appreciate to use them as sources of another down payment.

When you're scheduling week long projects, you don't want people flaking and backing out of the contract last minute. 

I've worked in advertising sales for the last 8 years and have been a home owner for 7.

I can explain the mechanics.Regarding that price point, it would make sense to go with a 2nd lien vs a 1st as the firsts we bought last year for similar investors turn out to be such low valued houses that unless you rehab them, you will not make little to no money.