Newbie in the middle of negotiating duplex, what do you think?

[Roger Vi]

Hey this is my first post! I have been shopping for multi-familys (mostly duplexs) in my area for the past year. Recently, I made an offer on a duplex that I believed to be the best deal in my price range. Then I discovered BiggerPockets and started questioning my "deal."

We are still negotiating, but here is the offer I am sure I can get...

Purchase Price: 310K

2 units, 3 bd 2.5 bth, 1150 sq ft each unit w/ single attached garage.

Unit 1 rents for $995/month, Unit 2 rents for $1245/month ( Looking at comparable rentals, both units should be able to rent out for at least $1100(conservative), $1245 seems high to me. Current leases are through Dec/2014 and tenants want to stay). Anyways, lets assume $2200/month

I plan to do a conventional loan with 20% down. Est cash to close is about $67,000

Monthly Payment: $1250

Tax: $380/month

Insurance: $50/month

$1680 total, $2200 rent income (I know there are other expenses but these are the expenses that I can put a price and frequency on)

It is located 30 minutes from Seattle in a neighborhood I consider very nice for the price. The schools aren't rated very good, but the town is certainly growing. A mall was built in 2005 8 minutes from duplex. 2 years ago they started a major expansion project adding hundreds of shops and restaurants.

Based on other deals I see on this site it seems like this ones a ripoff. It is important for me to find a property with attached garages, in a quiet neighborhood off of busy streets, and with a back/front yard that's not small. This one meets all the criteria and its the only property in my price range that does. Most properties I see in my range either don't have garages, or are built in the early 1900s and need major updating. I've seen a few built in 1960-1980 but they are usually 2 bd/ 1bth and I prefer 3/2. Anything close to this property is either 400K+ or located in towns I consider "too far out there."

Should I be patient and wait for something better to show up? (I have been actively looking the last 6 months and this is the first home I have made an offer on)

Do I need to lower expectations for my price range?

Are prices just too high in my area? Do I need to start looking for something "too far out there?"

Thank you, any input is appreciated.