What is the best price to offer?

[Tracey Williams]

Hi everyone

I went to check out a 4 unit multi-family today.

It's listed for $269,000
The rent/unit is $650.00
I check out the value on the auditors site and it value for $179,000

It was purchased in 2005 for $160.000
It was built in 1975
It's in a great sch district and 100% occupied

What will be the best offer price for this property?

I never feel confortable offering a price higher than the auditor value price but I feel offering close to 90k below the asking price may offend the seller (going by the price on the auditor's site)

The seller has done some renovation since he bought it(new roofs, new windows)

My question is " what is the best offer when the listing price is way too high than what it's value for in multi unit apartments?

Thanks for all your great contributions :D