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Thanks for the reply. I have done a pretty good survey calling up other rentals pretending to be a prepective tennant and even looking at apartments.
I am wondering about starting to charge for parking, which is common in this area. On street parking is not allowed with out a permit. Or charging for the laundry even though they own the washers dryers, but I provide water, electric, gas. Or doing a large capital expenditure like installing AC and then bring the rents up $100.00.

I am new to the forum and this will be my first building. The building is in excellent shape presently owned by an 80 year old woman who has "mothered" her long term (ten years or more) tenants. The rents are presently $200 under market and each of the four apartments are on a month to month lease. I can buy this building for a very good price well below market and my loan terms will allow me to turn a profit even at the present rents. However my return would be about 4%and that is a hobby and not an investment in my eyes.
Question- how would you go about raising the rents and income on this building? There is a new four car garage with EDO, the tenants use their own washer and dryers but the owner's water and electricity. No AC in the building. I would like to keep the tenants.

I am an early forced retired with some energy and a few dollars. The plan is to start small with a four family in good condition which will earn a little money and give me some experience. Then I would like to purchase another building possibly a six family this time. I plan on doing my own management and most of the upkeep. We can not afford to loose money so must be careful and love getting advice.