New Property - Inherited Tenants Questions

[Brandon V.]

Hi All,

I just got an accepted offer on a four family building!  The good news is its all rented out.  The bad news of course is seeing some of the leases.  

On one of the leases it states that the Term is for 12 months beginning May 1st 2011 and ending April 30, 2012 with "Automatic Renewal" written on the side as well as other landlord or Tenant obligations saying Automatically renewable.  Does this mean that I would need to honor an automatic annual renewal for May 1st, 2017-April 30th, 2018 or could this be considered a month to month renewal.  The reason I ask is rents are $665 where I believe market to be closer to $725-750 or should I just be thankful that I have a long term tenant.  

Additionally there is another tenant who is month to month who pays a rental price of 630-30 for maintenance.  This tenant also is the only one without a security deposit.  This unit could be rented for $700-725.

Thanks!

Brandon