Justifying a below asking price offer

[Matt Weiss]

Hi All,

There is a property that has been on the market for over 400 days that I really like at about 15k below the asking price.

A little backstory, it's a 4 plex that started at 240k, then was relisted at 220k, then to 189k now 179k. The previous owner owned up to 400 properties and he's dumping his portfolio.

I like this property at 165k or 170k with closing cost credit.

I'm considering submitting 2 offers with different closing times. Any advice on a cover letter to explain my offer/numbers? Anyone have a template or script? Is it crazy to share my analysis spreadsheet to explain that I want a 9% cap out of the property?

Thanks!

MW