Advice on pricing an offer
I've found a 1958 ranch that is in a good location for me (walking distance to a large park). A bldg inspector friend has gone over the house and it is solid. Limitations are a 1-car garage, unfinished basement that doesn't lend itself to finishing out, 1970s kitchen and just one bath. The good things are the location, fenced yard with mature trees, hardwood floors and a fireplace. I looked at about 15 sold houses in the area that are similar, and the average price was $140,000. This house is listed at $155,000, down from $165,000. I'd like to offer $140,000--is that totally low ball? My buyer's agent said she thought it was priced well at $155,000, but I question that since it has been on the market over 265 days. Every $ thousand I save could go to refinishing the floors, remodeling the kitchen, installing solar hot water, fireplace insert etc.
I've sold my house, have great credit and can make a clean offer. Advice???