Just Made My First Offer

[Lin Yang]

Hi all! I've been binging on BP podcasts and recently just made my first offer on an income property back in my home state of Michigan. 

Link to the BP analysis: https://www.biggerpockets.com/calculators/shared/7...

Highlights: 

• $239k is the counter-offer seller made
• College rental with 10 bedrooms (1 2-bedroom unit, main house is 8 bedrooms)
• Fully rented it's grossing $4k monthly

What I'd love to hear from you guys:

• What am I missing? I've put in buffers for management company, vacancies, utilities, etc.
• Has anyone else ever purchased a college rental of this size?
• How do I agree on a fair price with the seller? There aren't really any comps given how big the house is.

Thanks for your thoughts!