Buying a property with a section 8 tenant in place

[Stefan D.]

I'm looking at a four bedroom SFR that has sat for a while, with a price reduction. Seems like it could be a great deal, what's the catch? It has a section 8 tenant paying far below market rates: $702 per month, when rent should be $1000.

It seems like it could be a great opportunity: Let the Section 8 tenant's lease expire, then raise rent (Either continue with section 8, or leave that program).  

BP community, please enlighten me: What could go wrong?