Property on market for roughly 4 years

[Daniel J Aldrich]

I am looking at purchasing my first property.  The property has been on the market for four years now.  I believe they just replaced the roof.  It's a duplex and needs a bunch of updating to take it out of the 70's...old windows, fake marble bathroom panels, plywood in 2 rooms for floors, etc.  They are asking $10,000 more than the comps in the area.  I think they are overvaluing the property.  If I was to put an offer in I was thinking about offering them half of the asking price because it needs roughly $30000 in repairs and updates to make it competitive (based on many other places being modernized).  Am I way off base with my thought process?  Thanks in advance...