STR purchase negotiating help

[Timothy Eyrich]

Looking for some advice on negotiating the purchase of a STR in coastal NC. It's a second row triplex listed for $1.4MM. It's been on the market a year originally listed at $1.6MM.

I originally wanted to offer $1.25MM with 15% down and seller financing at 6% 30 yrs amortization with 5 yr balloon. My real estate agent talked us up to $1.3MM, same down payment and 6% rate. It was outright rejected and then a week later the sellers countered with $1.35MM and 6.5% seller financing.

2023 rental income was about $90,000 but for 2024 summer only 4 weeks are currently booked for $25,000. Expenses are about $20k annually for utilities, cleaning, etc.

Looking for any advice as to how to proceed with this. As we get closer to summer, if more weeks aren’t booked I’d want to offer less than my original offer. Is that a bad idea and likely to annoy the sellers? Any other tips for how to negotiate this in our favor?

Thanks in advance!