What Should I Offer?

[Robert Burns]

I'm working on a wholesaling deal and trying to determine a good offer.

Overview:
- Multiunit property (1) 2 br/1ba house (3) garage apts
- All leased for 1 year total rent/mo = $2650
- Owner pays utilities = $700/mo.
- No good comps for this type property
- Asking $130K
- Owe $54K on mortgage
- Sellers very motivated to eliminate some debt

One of my investor partners is recommending we offer $55k. I'm not sure if that's a good offer in that it seems low.

Should I offer it anyway even though I am almost sure they will reject it in that it is barely over the outstanding mortgage?

Based on the property and it's positive cash flow, what is a good offer?

I need to close the deal this weekend. Any suggestions would be greatly appreciated.