Post-mortem on a missed deal
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Hello BPers,
This quadplex showed up on MLS last Thursday and I took a look at it on Friday along with a lot of other investors. This is in the Madison, WI area which is overpriced in general and there aren't all that many options. The asking price was $275k and initial monthly rent collected estimate was $3000. I was pretty pumped but knew there would be a lot of interest. I offered $275k with an escalator of $3000 over top offer up to $300k. The attached report shows what it would look like at $300k.
Sadly my offer wasn't accepted. As I said, things go for high prices here in the Madison area.
I'm seeking opinions: should I have offered a higher max bid in my escalator or did I "win" by not getting an accepted offer? All thoughts are welcome. If you know the Madison area, that would be good to know in your post.
My short background: I currently own 2 duplexes outside of Madison in a desirable suburb but it is also getting quite overpriced. I'm looking mainly in the 2-4 unit ranges. I'm not willing to go as high as most asking prices and things go within days.
Thanks for your thoughts!
Dan