Multiple offers highest and best price, what to do?

[Kiante Macon]

Hello BP community,

I’m looking to purchance my first side by side duplex, the property is a bank owned forclosure in a B+ neighborhood, surround by a few duplexes mostly single families, it’s been on the market 2 day and has 5+ offers, it will need a projected $20,000 in work to be in prestige condition, low taxes in this town great rental potential. $134,900 is the listing price, my offer ways listing price with $8,000 to cover closing cost, I’m wondering if I should go higher or stay where I am. What has been your experience with “Highest and best offers” any advice will be greatly appreciate! Thanks in advance