Need Some Help Analyzing My First 4-Plex Purchase

[Ben Tilbury]

Hello Fellow BP Members,

I am from California and live on the Central Coast in San Luis Obispso, so I have been looking in more affordable areas inland to find cash flowing multifamily properties. I recently came across a    4-Plex which I feel may be just what I am looking for. It's a short sale 4-plex priced at 225,000 which has 3 of the 4 units rented currently. This property does need a new roof, fix roof leak damage, some interior fixes, new A/C units and eventually a resurfaced driveway. My idea was to move into the vacant unit and manage the renovations on the complex and that unit during the week, until it is ready to rent out.  The real estate agent I've been working with is trying to encourage me to put in an offer at full asking asap, but I'm a bit weary so figured it best to post on here first, plus I'm still looking for financing although I have a few investors I can approach for cash. 

Rough Estimate on Repairs (Since I have not done an inspection on the property yet)

New Roof: $15,000

New A/C Units: $5,000 (Not sure yet how many will be needed hoping its not all 4)

Interior Repairs: $10,000 (Drywall, paint, texture where necessary from leaks) 

New Resurfaced driveway: $7,500 (Hopefully a high estimate)

This property is currently bringing in $2100 in while the 4th unit is vacant but has the potential for $2900/month.

I am new to this and want to get some other opinions on my best plan of action. Should I offer full asking price or come in a little low even though it is a short sale? The current RVM (Realtors Valuation Model) for this property is $353,000 so it does appear to be a deal if purchased at the right price even if 40-50k in renovations is necessary. I will also be looking for investors who may be interested in this property or other multifamily properties for flips and Buy & Holds. I am still trying to figure out if this would be best for a flip or a buy and hold myself but I guess lender terms or if I JV with someone on this we can determine that once an offer is accepted. Please give me some helpful feedback, I have to quiet this voice that gives me doubt, and forge forward into getting my first multi under contract. Thanks for your help in advance!

-Ben