HomePath Property

[Randall Kates]

Hey Everyone,

I am going to purchase a  duplex property in an up and coming suburb  just outside of a major city that has quite a demand with young professionals.  This property just so happens to be a homepath property that sits in the heart of the suburb towns shopping district. This particular property needs a total rehab but its still in its first look stage for owner occupants.I plan on bidding as an owner occupant and using fha 203 k I have tried to bid on another property in the same town and others bid over the asking price to secure the deal. Homepath wants 140k  but the comps are around lower to mid 200's.The difference with this property is the fact that although it's a duplex  it is apart of a "Twin" house that  that contains 4 units its a little  weird so in essence I would actually share ownership of the same building. I can collect rent of 1k every month on a 1 bedroom and up to $1500 on  two. My dilemma arises on two things.

1. Being that this property and location is in high demand should I  bid above the asking price to assure that I get the property  although I am still in the first look phase? Or should I put in a low offer first and wait to see if they accept or counter?

2. Are comps still accurate when dealing with a twin home that is split on two sides or is this a miscalculation?