Inheriting severely under market tenant

[Richie Linnon]

Hey BP!  I’m getting ready to close on my first duplex within the next two weeks and very excited!

I’m inheriting a tenant who has lived at the property for 24 years and never missed a payment.  Issue is he is paying 750$ a month for the 3br/1ba unit, market value for the area for the same type of unit is $1,819.  Any recommendations are greatly appreciated.  He is month to month so all I would have to do is give him a 30 day notice of rent increase.  How would you all handle this situation? Thank you!