First Investment: Pursue or Pass?

[Brian Washburn]

I am a new investor in the Omaha, NE area with my eye on a 3BR 2BA in midtown. Numbers all look good, but being my first purchase I want to have an inspection done to make sure I'm not buying a money pit (home was built in the 1930's). We submitted an offer contingent on inspection and the seller rejected it, saying we can get an inspection, but the home is being sold "as-is" with no repairs covered. The house has been on the market for ~4 months and had 3 price reductions, which is a real red flag considering homes in this price range are selling in 24-48 hours.

This makes me feel like the seller knows there are major issues with the house, and wants me to buy without inspecting. I am at a crossroads. Do I pay the $3-400 for an inspection before making a counteroffer, or move on and keep looking for other properties?

Experienced investors, I need your advice!