Significantly Under Market Rents

[Michael Sharpe]

I have an opportunity to purchase a four unit property in either Chicago, IL or one of the surrounding suburbs. All off the current rents the existing tenents are paying are significantly under market for the areas. Should I be hesitant about moving forward with putting in an offer or simply raise the rents once I purchase the property?

I would really appreciate any and all suggestions/advice, as this is my first rental property purchase. Thank you in advance.