Bringing up rents to market value portland

[Eduardo Bravo]

Hi biggerpocket friends!

After spending a year researching and learning about real state I finally pulled the trigger and need help trying to figure out what to do with a property that I just got into contract in the portland SE area. The property is a 16-plex with 1br rents undermarket, at least 5 units are on the 600-650 range when the market rents should be on the $900 ballpark. What is the best way to bring rents to market value? Should I give tenants notice to vacate, or just send a notice of rent increase?

Also, should I do it myself of hire a property manager (recommendations)? I’m an out of state of investor so I’m more inclined to have a property manager.

Thanks in advance for any advice!