Advice on making tenants paying market rent

[Alec Jacobs]

Good afternoon.

I am looking to buy a house that currently has a tenant who has been there for 10 years that is paying $575 for rent when market rent is around $700. I am confused as to how to navigate this situation. If I get the home and raise the market rent that seems pretty crummy for a good tenant who has been there for 10 years. But on the other hand someone else would probably not care and raise the rent anyway. I would love some advice about this situation.

Thank you!