Suggestions for Price reduction on Forclosed Property

[Bryan G.]

Looking to invest in a foreclosure property located in San Bernardino County - property needs about 10K worth of repairs to be rent ready. Ideally we want to offer 200K. Bank is firm at 220K. A 220K PP would yield a less than ideal annual ROR.  You thoughts or suggestions on getting the bank to reduce PP from 220k to 200k. Below are the financials.

Many Thanks

		If PP=
		$    220,000.00
Purchase Price		$ 220,000.00
Downpayment	$50,000
Interest Rate	4%
Term	360
Loan Amount		$  170,000.00
LTV		77%
Monthly		$ 1,279.72
	Principal	$ 472.22
	Interest	$ 566.67
	Tax	$ 170.00
	Insurance	$ 70.83
	MIP	$    -
Net Rent After Mortgage		$ 1,436.94
Less Utilities, Trash	$(200.00)
Less Advertising	$(50.00)
Less PM Fee	$ (271.67)
Less Rental Tax	$(385.00)
Less Cleaning	$(100.00)
Total Rental Fees	$(1,006.67)
Net Cash Flow		$   430.28
Less Distribution		$ (43.03)
Initial Outlay	$ 50,000.00
Rent Ready 1	$ 10,000.00
2nd Investor	$ (10,000.00)
Total Outlay	$  50,000.00
Rate of Return Target	20%	16%
Annual ROR Amount	$   10,000.00	$      7,907.00
Over/under		$  (2,093.00)