The bank countered, accept or counter again?

[Thomas McAbee]

So a quick history on this REO property.

Was foreclosed on 1/31/20 with $40k balance 

Bank listed it on 5/21 for $54k

Reduced price to $49.9k after 30 days

Reduced price to $47k after 60 days

We offered $39k

Bank Countered at $46.5k

Tax Value is $78.2k

Homes surrounding it are estimated to be worth $140-200k

Home is definitely under-valued but needs a TON of work. A true fixer upper. 

As far as we’ve been told, this is the 1st & only offer on the house.

Should we make another counter to the bank or should just accept the price? What would you do?