How to price rent increases for tenants paying way under market

[Ahsan Shawl]

I recently inherited a multifamily property which had not been as actively managed as it should have been for a couple years. There's four units in the building ( two 3 bed/2ba, a 2bed/2ba, and a 1bed/1ba basement apt) and the tenants of all of them have been paying decently under the market rate for a while now. I've run the numbers and with the current debt on the property I would be breaking even unless I raise the rent quite aggressively. How should I go about doing that, is it normal to have the rent increase by multiple hundreds of dollars so quickly? I am a first time landlord so I still don't really know how to even price the property, any tips and help would be appreciated