What should I offer for this 4plex?

[Michael Brown]

Current income is: 

$1675 per month/$20,100 per year.

Tenants pay between $325 and $500 per month. Two losest payers have been there 5 and 13 years. Once stabilized they should pull $700 each.

Last year's expenses were: 

$1411 for insurance

$1296 for taxes

$1238 for maintenance

I have been given no other numbers.

My initial expectation to boost value is $25k rehab, (delayed maintenance, updates, and cosmetic.)

I do not know the cap rate. It is a B- or C neighborhood and building.

Ask price is $159,900.

Been listed for 2 years.

I will be attempting 100% no recourse financing or 96.5% through a HUD program, or FHA, USDA, etc.

I would appreciate advice regarding my offer and strategy. My goal is buy and hold for cash flow.

Thank you.