Multiple Counter Offer Dilemma

[Jocilyn Oler]

Hello!  

I am new to BiggerPockets and new to real estate investing. I have done one deal and it went fantastic (>28% ROI) so I am looking to do another one. I found a duplex asking for $170,000. I countered $150,000. They replied with a multiple offer counter offer of $160,000. My question is what should I do? I do want this property because I've wanted to get my hands on a duplex, but the market in my state has been super high. This is definitely an older duplex, but in a good neighborhood. The cash on cash ROI for $160,000 is not great (6.7%), but also much better than what the bank gives me. Any advice for a newbie? **Also, this is purely an offer subject to inspection. I can't walk through the property until inspection time. Any advice would be great. Thanks!

Here are some details from the agent: 

Great investment property. Both 3 bedroom, 1 bath units are rented and on leases until October 2017. New water heaters in both units, new furnace in one unit. Roof replaced 5 years ago. New paint and carpet, updated cabinets in one unit, large parking area

Property Details

Property Type:	Multi-Family Home
Seller Type:	By Agent
School District:
Bedrooms:	3
Bathrooms:	1
Year Built:	1956
Square Feet:	1870
Acreage:	0.25 Acres
Heating:	Forced Air
Cooling:	Evaporative Cooler
Garage/Parking:	Driveway
Yard:	Landscape - Front
Appliances Included:	Refrigerator, Range
Basement Type:	Shelf/Crawl Space
Floor Coverings:	Linoleum, Laminate, Carpet
Exterior Material:	Other
Special Features:	None Specified