How to Negotiate a Counteroffer? First OOS offer

[Tyler Silverman]

Hello to all the BP people,

I am trying to land an OOS (out of state) deal but need a little input from y'all. Here's the scenario:

I made an offer for $350k to buy an awesome triplex listed at $400k. The seller's counteroffer was $390k and requested 2X earnest money than in my opening offer. The triplex has been on the market for 90+ days, has had very few showings in that time, has already seen a $10k price reduction a month or so ago, and it's fully rented out in a downtown area. To me, it seems like a good deal (without the inspection/appraisal results). I can't seem to get a sense on if the seller is really motivated or if he or she is just fishing for a higher price. Oh, by the way, the county has assessed the property at $366k (2017). I don't think it's smart to accept a counteroffer and bank on the inspection and appraisal reports to come in and allow for a rescinding opportunity. 

The investment performance numbers don't work for me at above $360k and know that that is my rock-bottom number.

Any tips on how to negotiate/counteroffer on the first seller's counter (this is my first OOS offer)? I might present my rock-bottom price and if no deal is made, then that's that...maybe try to come back in a couple weeks (zero showings and 90+ DOM). There are always other awesome deals out there to pursue, right? :)

Thanks BP!