Depends on why rents are "under-market".Often, it's because of deferred maintenance & upgrades to "Maintain to the Neighborhood".So, you would have to improve the units in exchange for higher rents.If the rents are truly under-market, then you'll have to decide how aggressive to be. 

We added value through a full renovation including interior upgrades, cosmetic improvements, and preparing the property to be competitive in today’s market.

Standardize everything so your crews can’t “upgrade you into poverty.”One paint color.

If they're cosmetic only (nice paint, new mailbox), that's different from structural improvements (roof replacement, HVAC upgrade).

Plus you could wait a year. 90% of buyers would start doing upgrades assuming nobody ever redeems. 

I did some repairs when I first bought it to upgrade and add value, but they weren't anything impressive - mostly mechanical and QOL improvements (although some were very expensive).The house was also not a very good purchase, because it had a lot of issues.

Of course the ideal situation would be to find the 'perfect tenant' and keep them forever.But looking at the long-term big picture, a couple or even a few months of lost rent are a minor occurrence when compared with stress/damages/lost time/etc.Look at a vacancy as a chance to a) upgrade your property, and b) find a better tenant. 10 years from now, you will remember it as a good thing (if you remember it at all)Just my $.02.....

The renovation focused on practical, market-driven upgrades rather than over-improvement.

Hey Aidan,The best ways to “add value” to a property are upgrades that improve function, efficiency, and desirability while also supporting higher rents:1.

It’s a great opportunity, but it requires some upgrades and repairs to meet NACA’s standards and my own goals for the property.The Problem:Every time I try to get bids, the moment I mention that the funding is coming through a NACA renovation loan (HAND), contractors back out.