Newbie needs help on first deal

[Josiah Tubbs]

I found a 1br/1ba condo in Mililani, HI, @677sqft. Tax estimate on it is approx. 183,000. Asking price is 169,900, comps range from 185k-198k. I've got them down to 155k + 15k at closing, for repairs, for a total of 170k. Basically, the entire inside needs to be demo'd.

-New flooring throughout
-New cabinets and counters in kitchen
-New appliances
-New fixtures (Lights, ceiling fans, outlet/light plates)
-Demo closet wall in bathroom to make more room
-Tile in bathtub
-New vanity in bathroom
-New paint

They want 5000 as earnest money, I think it's that's a high asking price for earnest money. They want to close ASAP, I haven't even been able to get an inspection on it, and they want earnest money (non-refundable of course) soon. I just want to make sure everything is on the up-and-up and I know what I'm getting myself into before I give out money or sign anything. Yet, I don't want to lose the deal to someone else. Give me some advice, PLEASE!

Thanks!

Josiah from Hawaii