Hello, BP family. My name is Steven and I've recently begun looking for my first investment property. My strategy is to "house hack" by purchasing a duplex and renting out one unit and live in the other. I've had the privilege of saving up money at my parent's house, where I currently reside, and have amassed about $40K that I can work with. For this reason, I feel putting 20% down on a property to avoid PMI might be a good idea, but I'm not ruling out an FHA loan. I've been pre-approved for roughly a $160K loan, and have been looking at duplexes in this price range and below. Where I live, duplexes are scarce and I've been told it's strictly a "Seller's Market", making it difficult to negotiate pricing as you'll see with a recent offer I made.

I recently viewed a 1BD, 1B/1BD, 1B duplex that's not in the best part of town, but the price was enticing because I could survive if I can't find a tenant or the unit becomes vacant. That being said, it does need some work. However, most of the work appears to be cosmetic. One unit has been (and is currently) occupied for less than a month and the lease is month-to-month for $600. I've provided two images of the exterior of the property and you can see a quick walkthrough of one unit (vacant) here: https://youtu.be/t4Jcu9lCLy0 I should mention that I saw the other unit (occupied), and it looked to be in comparable condition.

I guess you could say I "low-balled" the seller and offered $80K with 3% CC with the understanding that no repairs are to be made by the seller. The seller countered and stood firm on his $95K list price, claiming that he will be breaking even at this figure and that the property will appraise for higher. I'd like to know I'm getting a "deal", but the list price is beyond feasible for me and it wouldn't break the bank if I need to invest an additional $10K-$15K in repairs. My question is essentially this, how bad of a deal would it be if I invested the asking price into this property? Amidst the coronavirus scare, I've also been told to hold off on investing in RE right now. However, if I'm buying and holding, I think that this is not as big a factor. I appreciate ANY and ALL insight/advice, and I apologize for the super lengthy post! Thanks in advance, ya'll!