Multifamily: Good condition, good location, low rents?

[Christie Duffy]

Hi all,

This is my first post, and I'm looking to buy my first multifamily home. One option's asking price is $425k...

- 2 units, 2BD 1 BA each, would guess each 1200-1500 sq. ft.

- photos show one unit in good shape (no photos unit 2)

- decent size lot, outdoor space + parking 

- GREAT location

- sold AS-IS

...the rents are low! Right now $1400 and $1500. WHY? 

If I were to buy, how much could I raise rent when the lease is up? Looking to live in one unit.