Should I honor prior owner's future lease to tenants?

[Jake Walroth]

So I purchased a 2 family. I am going to live in one and rent the other unit out. 

Here is the breakdown. 

Owner has Med Students set up to rent 3bed2bath for $1,000 beginning in April-July 2018, I close Feb 17 of '17. Normal monthly rent is between $1250-$1500/month. The owner was going to be doing some work on unit while they lived there, also there were only going to be two people living in the unit instead of 3. Legally, I don't have to honor the contract. I'm tempted not to honor it, especially since it will be a year of well below market rent $. 

MY plan. 

Talk with the two tenants, have them find another roommate and charge $1500/month. This seems reasonable to me. 

My Fear

Most med students and other potential students will have signed a lease for that year. I don't want to run risk of having no tenants for a prolonged period and being on the hook for the entire mortgage. 

Any advice will be greatly appreciated. 

Thanks,

Jake

[Andrew Johnson]

@Jake Walroth This is from the perspective of being married to a surgeon (former med student), don't discount the reduced issues that might come along with med students.  Noses in books, on campus cramming for tests, writing papers, applying for rotations after graduation, likely no raging keggers, etc.  I know I'm overgeneralizing but there is 1.) value is tenants that have been paying on time, 2.) value in tenants that already want to renew until 2018, and 3.) potential lifestyle value in having "easy" tenants that you'll be sharing a wall with. 

As for your fear, yes, students sign leases for a year.  What I don't know is how the timing works assuming you're renting in a college town to college students.  Sometimes PMs are marketing properties in January for July leases.  Other times in the spring, it just depends on the cadence of the particular town.  College markets can be quirky and they aren't all the same.