Would you buy a property receiving under market rents?

[Scott Johnson]

I'm looking at a duplex that has tenants in place. Each unit is rented for around $800, but market rents are $1500. The leases end in October and August, so if I were to buy it with a loan I would eat a part of the mortgage for four months on one property and six months on another. In order to get to the higher market rent, certain updates we need to be made to the units. The duplex has been hanging on the market for a while, likely to the aforementioned leases being in place.

My questions are: 

Would this be an opportunity you would look into buying, and why?
How do you handle the updates?
How would you handle the tenants?

Thanks so much!