I just shot off my First Offer for Investment Property...eeep!

[Jim Keplinger]

Good Evening BPBT!

So, I pulled the trigger...whether it hits anything or not is completely up in the air tonight...but I have a profound dislike of cowards, so by gum, I ain't gonna be one! (This colloquialism in tribute to my current home in Indiana...please forgive me).

I would LOVE your thoughts, advice, and wisdom!

So, did I shoot the moon? Shoot myself in the foot? Or shoot nothing? Here's the details and my opening offer info:

Two duplexes in south-central Indiana (about 20 miles outside Bloomington) built in 1998 listed for 234k 

• 4 doors, 12 beds, 8 baths. 
• Fully rented at this time, two leases up but already asked to extend. One of the tenants is ripe for eviction. 
• Current rent roll is $2800 gross (~$700 each). This is low for the area, these units can easilly be $800 or $850 each.
• Current owner pays all water, sewage, and trash (that's going away ASAP).
• Roofs are original and show it, they need to go.
• Three HVACS are getting long in the tooth, one installed illegally. 
• Two of the four water heaters are questionable at best.
• One of the units has a "soft" kitchen floor implying water damage.
• All units have carpet (even in the bathrooms) that need to go. 
• The owner has turned down offers of $220k 18 months ago, and $180k a year ago. There has been no offers or interest since (according to the RE Agent).

My offer: 129k based on the rent roll and imminent CAPX. Too high? Too low? Where do I go now? 

Thank you in advance for any and all thoughts!