Freddie Mac Homesteps: 4Plex Analysis

[Jimmy H.]

I am looking at a 4plex, listed at $95,000. Realtor says it has some plumbing/leaking issues and other maintenance needed but nothing too significant. The property is a Freddie Mac homesteps (similar to Fannie Mae Homepath) property with about 10 days left in the "firstlook" (only owner occupants can make offers for the first 15 days).

The property next door (same exact 4plex style and look) just sold for $130,000 and needed some repairs as well. Other 4plexes on the street that are in better shape are listed for 175k-195k.

My fear is that when the "firstlook" is up, investors will be all over this thing, Now i know it doesnt meet the 2% rule, but im certain this is a good buy at this price.

I have cash, should I offer above - say 100k cash no contingengies? How should I make my offer the most attractive, as I know investors will likely be all over this one as soon as the firstlook period is up.

Should i get my contractor through it now, should i pay for an inspection if they'll allow me - what steps do I need to take so I am prepared in 10 days when the firs tlook is up (I think firstlook ends March 16th)