Off market duplex, fair price?

[Emillio Henry]

I found an off market property that is significantly aged “1877” brick colonial duplex, with “carriage house” in rear. Homes in the area are going for $130-140 sqft. this property is 1400sqft.
2- 1bed room 1bath units.

I’ll be walking the property with the home owner tomorrow and I’ve already thrown out a $200k offer depending on condition. Owner believes that’s a low ball offer however that’s actually a great market value based off of the the comps. The home owner is a architectural engineer and im hoping he has applied his skills to the up keep of the property. 

My question is how high above market value would you go for an investment? I’ve run the numbers using multiple scenarios and I can easy get a 7% cap at $250k however I don’t want to over pay out of eagerness. 

Thank you all.

[Emillio Henry]

Originally posted by @Patricia Steiner:

I won't pay over valuation.  Just not going to over-pay.  Comps in my market have become a "guideline" since everything is selling well above list price. But even so, I won't pay above appraised - nor will my clients.  Every deal I do personally and professionally comes with an appraisal contingency.  If it appraises for less than the contract price, the seller can lower the price or return the escrow/we walk.  

You may want to ask the seller to provide you with comparable sales or an appraisal supporting his desired price.  And, remember, if you up your price a bit - the seller will know that you can up it more and the game goes nowhere good from there.

Just one opinion...best on that deal.

 Thank you so much for your advice, i guess I just wanted to hear others say what I’ve been thinking. I have 64 days left in my 90 day challenge and the pressure to find a deal in a market that’s appreciating is growing by the day. I’m going to listen to your advice for sure and allow the numbers to talk, no sense in letting emotions cloud my judgement. 
thank you very much for the advice!