Is this a good deal?

[Joseph Hardy]

Made an offer on a home today...

2 story up/down duplex (2/1 & 1/1), 1670 SF, 1929

Bottom rents for $550, has a tenant who’s been there for 25 years (without a written lease), upstairs is not rented and needs cosmetic work. Total rent should be $800-900/month.

After inspection major issues we found were:
-gutters/downs need replaced, drainage run away from home (water in basement)
-chimney needs tuck point at minimum, bricks falling off
-mold growing in basement (big chunks of white growth along all wood)
-cosmetic work about $2k to upper unit

Seller wanted $14k, we offered $10k due to the amount of work we need to put in. He declined our offer and didn’t counter. Do you think we made the right offer? Should we have given him full asking?