4 plex deal

[Mike S.]

    Okay, so I'm looking at a 4 plex foreclosure.  The listing price is $99,000. Currently it is in the FNMA First Look program, so I can't make an offer until after 10 more days.  I've looked at the property and it is in good enough shape that if it makes it out of the investor lock, I expect a bidding war.

     My question is, should I bid my highest price first or bid the asking and wait to see were the other investors are bidding?  Also, what would you bid on this deal?

The numbers:

$2100-$2400 a month. 

Expected vacancy 15%-20% 

Mortgage is a 15 year loan at 3.75%.

Expect $5000-$10000 in repairs.

Property Management handled by myself.