Inherited Duplex Listed at $460K—Comps at $350K. How to Negotiate?

[Bartosz Rosol]

My wife and I are currently house hacking on a street made up mostly of duplexes. We recently learned that a corner duplex on our street may be coming up for sale. The property was previously owned by the parents, who have since passed, and it’s now been inherited by their five children. They’ve reached out with an asking price of $460K which is a premium for the building. They also stated the first unit needs some cosmetic work.

The most recent comp on the street was $350K (2 mo ago).

What’s the best way to respond to their message with the asking price, given this large gap? Looking for advice on how to approach the negotiation respectfully but firmly. Market activity has recently cooled, but we’ve now entered the prime season for buying and selling.

Extra info: Duplex is (2) 2 bedroom 1 bath units w garage parking located in Philadelphia. Rents are 1400-1900 depending on unit conditions. The city recently reappraised last year at 400-450k, but comps have not caught up to justify this price.