Homepath investor offer Help needed
I submitted an investor offer in on a homepath property in MD via the online submitted offer through my broker. My offer was $75k with 7.5K seller concession and 7.5K EMD and it was rejected. Asking price is $104k and the DOM is around 30 days with no accepted offers. FNMA sold 2 other units in the same building very recently for 70k and 89k (however those were the asking prices). Unit is a 1 bedroom condo unit in an older apartment building that shows poorly and needs electrical, new kitchen, water heater. This would be a buy and hold rental property.
Anyone have suggestions for my follow up offer? 80% is 83.2k. I was thinking of offering 80% asking to include the 6% seller concession (their net will be 80% asking). So I would have to offer 88k with ~5k seller concessions. Would they ever accept less than 80% net after 30 days on market? I was hoping to bid around 78-80 2nd time around but dont want to waste my time. Also should I try including comps or any justification for lower offer? my max offer is 85k.
thanks in advance