Quad-plex just hit the market for 500k, what should I expect?

[Ellie Narie]

My area is somewhat expensive when it comes to real estate. A quad plex just hit the market in my area for 500k. The units are 2/1, and the rent comes out to about 875 a month per unit, which is pretty fair given the current market, but I guess it could be increased to something like 925-950 a month. I want to use the FHA loan with 3.5% down. This quad plex already has a cash offer though, because quadplexes are very rare in my area and there probably hasn't been one sold in the last couple years. However, there are plenty of similar quadplexes to this one, in fact, on the street that this one is on, there are a whole bunch of them that look pretty much identical. It's just very rare to have one up for sale in my town.

Since there is a cash offer already on it, I'm offering the full asking price, considering that I have an FHA loan.

Since I'll be living in one unit, there won't be any cash flow, in fact, I would pay about $500 a month on top to cover the mortgage for it. But $500 a month is cheaper than paying rent here, and this is a rare opportunity.

What should I expect in terms of repairs? How much do you generally spend on 4plexes if you manage them yourselves? I don't know much about repairing stuff, so for repairs I'd have to hire someone, but I'd like to manage the property myself. 

Do you guys think this is too expensive of a property? I just read on these forums how people are buying quadplexes for 300k-400k, and some even for 200k, and it's like, how do you even find such properties? It's just very rare for quads to go up for sale here. There are some triplexes too, but the price-per-unit is about the same, they're listed for like 360-400k, and the rents are about the same.