I need a pep talk!

[Craig Garrow]

The backstory: There is a triplex for sale in town, in a higher rent district, beautiful building, I REALLY like it. The current owners inherited it about a year ago and the rents are well below market. From what I understand, there hasn't been any offers on it. There is a hoarder in one apartment, and it's quite gross, and in assuming that unit will need about $5k in cleaning, repairs, and floor coverings. Current list price is $105k. I looked at the building Tuesday and put an offer in of $90k, with 10% down and the seller holding a mortgage for 30 years at 5% with a 5 year balloon. Three days later, they turned it down, stating they didn't want to reduce the price plus hold the mortgage. My guess is their realtor didn't present the offer in a strong light. How long should I wait to give another offer? I think $95k would be my top dollar, considering I've got some work to do.