Looks like he is right there, with increasing the repairs/vacancy.

In other words, before going through the whole refinance song and dance, can I just capitalize the increase in NOI by the same rate used by the original appraiser to get a pretty close estimate of value OR are there other factors that could dictate the cap used by the refinance appraisal?

So they have been living in this 3 bedroom 1 bath home for exactly one year. 2 weeks ago the tenant texted me saying they want to renew the lease for another year, so I renewed with a slight increase in rent.

Infrastructure costs, traffic, property tax increases, increased housing, fire, police and maintenance can offset the benefits.

So maybe these might be alternatives.Provided that 12 months of rent are all paid no later than the 5th, you could:*Guarantee a lower rent increase on lease renewals (1%-2%)* Offer inexpensive but high perceived value items (i.e. big screen TV) for lease renewals * Provide a Winter Fuel Credit in December if tenants pay for heating fuel * Offer a choice of unit upgrades that you may have been planning to do anyway (repaint, new appliance, ceiling fans, etc.)Basically, find ways to incentivize and reward your tenants with something other than a rent discount. 

The 10 yr treasury yield which most closely tracks 15 yr mortgage rates and 30 yr increases has moved up a bit but I still think the odds are more in your favor that there won't be a HUGE move by May 30th.   

I would want no less then 1550 a month at a minimum but with my rentals and in my market I generally shoot for 1.5 to 2% a month  30k house for 550-6oo mo for exampleIf you can increase the monthly it would make it much more appealing to keep it.

I let them know that this helps us increase our bookings, which in turn helps keep our rental costs down.I'll likely update this to explain the difference from a hotel system again.I don't rate guests.

Let’s just assume we reach in 2020.If valued increase as you said they have so far, you would leave 150000 on the table, instead allow the owner of the place you will rent to increase value of his place with your money.

It will save you calls and breakage.