Advice on a 4-plex deal

[Paul Spangler]

I'm trying to buy a 4-plex with an FHA loan and it will be my first property. We found one in Tualatin, OR listed at $395k and my mortgage broker estimates my PITI would be $2700 per month. The seller reports $3700 gross rent per month. My real estate agent says that the seller has multiple offers which could be cash buyers or conventional loan buyers, and because we are buying with an FHA loan we may want to put in a higher offer (our initial offer was for the listing price of $395k). Not sure if we should increase our offer or not. We haven't seen the inside of the property yet, this is just our initial offer. Thoughts? Advice?