[Calc Review] Help me analyze this deal in Indianapolis

[Elliot Saks]

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Would you buy this deal?   This will be my first out of state deal and I want to get it right.  

The good - solid, low-maintenance tenants currently occupy the property.  I won't have to do any turnover for a little while.  

The bad - they're paying way below market rent, probably $150.  Rent here should be $800+ for a 3 bed in this neighborhood.

I believe I can raise the rent to market over the next couple years.  If the tenants leave, I'll do cosmetic updates for < $10k to get the rent to $800+.

Has anyone here successfully kept good tenants while bringing up the rents to market?