Property with Existing Leases

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Howdy BP'ers!

When analyzing a potential deal, how do you consider existing leases with below market rents?  My minimum CoCROI is 12%. I'm analyzing a quad that will generate 13% at market rates and 7% at current rents. Two of the units are month-to-month -- once they are rented, the CoCROI is 10%. The other leases expire next summer.

What methods have you used to determine if it's worth waiting for the leases to expire, clean units and rent at market vs finding another property?