First time Multi Family Purchase

[Shrideep Murthy]

Hello, I am looking to purchase my first two family investment property in the Westville neighborhood in New Haven, CT. Given that the market is so hot right now, the ask if $175 per sq ft whereas properties in the neighborhood sold for $150 in the last 1 year. The property is updated and no work is needed. Out of the two units one unit which is smaller is already rented which would cover half of the monthly cost to acquire the property. This area is also good as some ex-senator lives in this neighborhood. 
I know interest rates are going to increase over the next two years, so this might be a good time to get a rate which won't be available for the next 2/3 years. But what does everyone think about the purchase price of the property? Is it worth offering more for?