Good investment property but price is not right

[Giancarlo Ameglio]

Hello everyone,
I found a great investment opportunity. High demand/prime location/ well maintained. 5 minutes walk from FSU.

Its a 2 buildings with 2 units each with 4 rooms/ Bathroom and one kitchen unit.Its a two building complex with designated parking and wooden fencing. Rented by room to students. 16 rooms renting at 650$ and could do 700$ a room with the current market. The property is worth 1.3 M so even with the high rent its not a good deal. 

I think i can make it work by putting 5% down with a FHA Loan and move into the property for a year . At the same time I can rent out the other 2 rooms while I stay there and then move out and make about 500$ in cashflow.

The problem is the price needs to come down from 1.3 M to 1.2M at least. The property has been in the market for sale in the past 4 months.

For the experience investors out there do you know good negotiation strategies? Maybe offer lower than my intended price and then moving up.

Do you think its a good deal?

Any other thoughts and advice is welcome.