First accepted offer panic

[Rene M.]

Hi y'all,

so i really learned about real estate 2 month ago when i saw the first bigger pockets video... Since then I've read a lot of books, got my finances in order and went and visited about 30 houses. Did the math on 50 and here I am. I just got the call that my first ever offer was accepted. Now I'm wondering if I did something wrong and questioning every decision whatsoever...

I found this 2000sft with two 2bd/2bth duplex from the 1980s on tuedsday night and liked it instantly. 169K asking - current rent 850 per unit. Its not in a good area but also not in a high crime are. The schools are bad and I would not really want to live there (unless I had to).

I looked at the house the next day during lunch and while i was looking at it 2 other people showed up who wanted to buy the house / their realtor did not show up and they left. The owner was also there and fixing something in the other house. I looked at both and while it was not great the overall condition was adequate for the price... I chatted with the owner and he told me this story:

He's 77 and wants to retire has 10 of those duplexes in this neighborhood and wants to sell all of them. He seemed pretty believable and the fact that he just put a new roof on the unit seemd he generally cared.

Anyhow I looked at 3 more houses that evening but decided to put an offer on this one. Dealing with Lender, Attorney, Realtor it wouldn't happen till the next morning.

At 10am next morning my realtor called me and told me that the listing agent said 6 units are already sold including the one I saw. there is 4 more in same condition one also has a new roof.

I went and looked at the one with new roof and offered 160K. The next morning another call from the realtor - there is a multiple offer situation on all 4 house. Highest and best wins. I offered 165K and today I got the call that they countered to my offer (finance, inspection, walk-through contingency) with the only change of the inspection period down from 10 days to 7 days. He does not want to do any repairs and there is no due dilligence addendum.

Ever since I heard they accepted/countered my offer I have mixed feelings about it... not to say I'm terrified. I'm thinking - what am I doing here. Do you really want to deal with tenants. Do you think you can pull this up... Also why is shortening the inspection period by 3 days that important for him that he would counter for it. Also was your offer too high? Were they just playing you?

Here is my calculation for the house and a link to the initial one I looked at (mine has never been listed).

I would love to hear y'alls opinion. Have I been played? Should I move on? Do you only buy in places you want to live yourself?

Any help / encouraging words are welcome.

Thanks!

Rene

https://www.redfin.com/SC/North-Charleston/5200-Napoleon-Dr-29418/unit-A-B/home/166863166