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How would you as a RE investor handle this situation?

I recently bought a house in a popular city in my state. I decided to buy the rental property, which is a duplex with a 5 minute walk from the city's major university, with the existing tenants already living there.

My current monthly payment (premium, interest, insurance, taxes, etc.) is $2,300/mo. Each tenant pays $1,050/mo for a 2bed 1bath ($2,100/mo total), which I believe is very below market rate, after renovations im looking at a fair 1350-1400/mo and 900 for the studio/loft based on 50+ comps within 1 mile.

Im also getting ready to have contractors come in and do just under $30K in renovation/rehabilitation work and finish the studio apartment upstairs (easily $900/mo, but not a legal unit, would share electricity with 2nd unit, has galley kitchen, 1 bed/1bath/wash/dryr).

1 Tenant is a single female, the other is a single mom, 2 kids. They are Month-to-Month leasee's. State law is 30 days notice. With winter right around the corner, my monthly net being about -$300/mo to do all of this, how would you handle this situation in the next year or so to move into the net positive? I want to be fair to them, but also to myself & my business. Thanks!

submitted by /u/AmNotReel
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source https://www.reddit.com/r/RealEstate/comments/dp6403/how_would_you_as_a_re_investor_handle_this/
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