How to compete with other others / determining walk away point

[Camden Lee]

I am brand new to this and just found a great duplex that met all the criteria I am looking for. I assumed that since interest rates are so high and its not a great market that there would be less competition, but as soon as my partners and I reached out to buy the house we found out that the duplex had 20 other offers and the price would go from 199,5000 to 250,000. 

My question is what do you guys do when competing for a house? How do you determine your walking away point?