Negotiating price after inspection-(long distance)

[Ben Kappel]

So first to start I’ve read the other forums and I already know changing an offer price is bad practice after the inspection normally. 

My question is for the long distance investors offering on multi family without ever seeing the property.

 My price offered was based on the units being relatively updated (word of realtor) and only saw pics of the one vacant updated unit.  
The inspection showed the other units have not been updated since the mid 70’s and will need major overhauls during their next vacancy.  (We’re taking about still having those 70’s yellow appliances) 
The seller will most likely take care of the multiple active leaks and other problems from the inspection.    

My question is, is it still bad faith to negotiate price now that I know the building looks like a money pit of updating for the foreseeable future and not the deal I anticipated during the discussions.  

[Allen McGlashing]

I am in this process as well. I am bidding on a properties without seeing them and waiting for the inspection report and then I re-examine my offer and then I resubmit another offer based on the work that will need to be done; you could also ask for closing credit that works just as good to have less money out of your pocket up front.