Below market but house has bad cast iron plumbing

[Ben Crego]

Hi, I am under contract on a house for $252,250 off market. I’m about 20-40 below market depending on your comps. The house looks great and the inspector only flagged a few little issues; but I had a plumber scope it and he said the cast iron is terrible (bellying, corroded, etc). The seller is only willing to drop to 250. The 1 plumbers quote to do a plumbing replacement without putting all the cosmetics back is $14,000. 

Plumber had technical difficulties twice and didn’t record but two guys both said plumbing looks terrible. I worked with this plumber one other time on another property. He was very good and consistent with his google reviews.

What would you do?

[Bill B.]

The plumbing quote seems about $5k high. BUT, the “cosmetics” will be $5k after the plumber is done. Sheet rock and whole wall or house painting. Unless it needed that anyway. In which case maybe only an extra $1k. 

Ps. Check the main water line and the sewer line.  If they are not plastic, they are the same age.