Newbie: based analysis on current or potential leases?

[Jon Krombein]

Hey everyone, I’m a newbie and looking and some smaller multifamily deals (6-10units). So far what I’m finding are buildings that are leased at below market rent. My question, should I do my analysis based on getting them up to market rate, or should I do it based on the current leases? Also, once I take over, what does the process look like to bring the rents up, do I just announce it at the end of each units lease? Anything else I need to consider? Thanks.