Raise the rent or remodel?

[Michael H.]

I purchased 5 duplexes in August. All but 3 units were on month to month leases. I’ve raised rents on 3 so far because they were ridiculously low. I have 3 others that I need to raise as well. Two of them need work and are in the same building. Each of them probably need $3k - $4k worth of work. They are at $775 and $750. The area rent for the same unit is $950 for a clean and updated unit. The question is... do I raise them to $825 or $850 to build up reserves and and not lose a months rent from each side or bite the bullet for something I won’t see the returns on for a year and a half or two? Thank you for your insights