Regarding the 1% 2%,  3% ...rule- It's great to understand these rules but you should eventually establish your own finance ROI benchmarks & hurdle rates.  

This is a good solid benchmark on how you move forward.  

Let's say the average rent in your area is $1,000 (use Rentometer) and your current (or inherited) tenant is paying, say, $750, then if you just bump up that rent to the average then yes the tenant may not respond well to that AND your local laws might not allow that anyway.So, it is best to really understand what is market rates are when benchmarked on what your current unit (or home) offers.

It's presented as the quintessential wasteland of America -- it could not get any worse - the benchmark for the bottom. 

Make this your benchmark when you search for new markets if your goal is to be a cash-flow investor. 2.

@Alex Varner it really depends on scale of the job to be done.We have had HVAC alone that we paid at completion of jobs.Multiple items by same contractor may require a draw schedule on hitting those benchmarks.Larger project you should have it in writing with those benchmarks yo ensure your time table.Best of luck!

Obviously, the market is fluid but that is the solicitation rule and the buy back benchmark also.  

You really need years of benchmarking with the sub 30k mark to get how they really perform over time.