Introduction and Question about below market renters

[Dan Curto]

First, I’m new to Bigger Pockets and real estate investing generally. I’ve lurked for some time, read books, listened to podcasts and am now ready to jump in. My first question is I’ve found a potential multi-family that is reasonably priced and would cash flow nicely if rents were at or near market rates. At market rates the property cash flows around 15-20%, at current rates it cash flows around 5%. The property is fully rented with long term renters that are paying about 66% of market rates. On the one hand this presents a buying opportunity. But I also see big hassles if I just raise the rent by 50% after the current leases run. Thoughts on how to think about this situation?