I think I am ready to move.. suggestions on this deal

[Billy W.]

Hello Everyone,

I have found a property that I am interested in. I posted this deal a week or two ago, but I have some more information and I would like to get others opinion on the deal.

-4 Unit Duplex
-Total Rents: $2100/month
-Fully Rented with year long leases
-Units are in good shape, absolutely no noticeable renovations needed
-Blue collar neighborhood
-I will add coin laundry for basement

Expenses (as current owner told me):
Electric $119 a month
Insurance $140 a month
Water $20 a month
Sewer $15-20 a month
Trash $40 a month

Taxes on this property are around $3800 a year.

Asking Price: $122,000 (down from $133,000)

Current owners bought this property for $132,500 in 2004. They refinanced the property in 2009 at $114,000.

RealQuest.com gave a Corescore of B and a estimated market value of $85,000.

What do you guys think of the deal?

I do not want my first one to be a bust. How low should I start my first offer? I was thinking offering $90K.

I will include in my offer that it is contingent on an inspection first. Anything else that I should include in the offer? (appraisal? :/)

Any other advice in proceeding?

Thanks