Raising rent as a New Landlord

[Christopher Wall]

Hello everyone! 

I'm closing on a house in a week and the seller inherited the house and didn't have to pay a mortgage so she kept the rent prices under market value. For a three bedroom in East Orange NJ , the market price is anywhere from 1600-2000. I was wondering, how much would you raise the rent if the tenant only pays 1,000 per month? The tenant is also on a month to month lease. I want to make it fair and was wondering the best way to go about the situation.

Thank you,

Chris