First home buyer - 2bed/1.5bath single family home in IL

[Lee Kang]

Hi Everyone, hope everyone is staying safe and staying warm! I am holding my counter offer for the property as follow.

Location: IL Northwest Suburb (Barrington High 220 district)

Type: Single Family House (2car garage attached / 2 bed / 1.5 bath / fully remodeled (rehab in 2019)

Listing Price: $320,000 (Holding counter offer of $310,000) / 20% Cash Down with Conventional Loan

Lot Size: 10,000 sqft

Primary Residential Purpose, but market price for rental ($1,900-$1,950 / mo)

Issues/concerns:

1. MLS/Zillow says 1,653 sqft, but upon checking property profile & tax assessor site, it shows that 1,230. It's more positive that actual sqft is more close to 1,230 cause I measured on 2nd visit on the property. It is ranch style house, so it was simple to measure. My agent told me that there might be a chance that we can negotiate the price again once home appraisal comes lower value than offered price. As actual size is small than what they advertising, appraisal might be lower. Right next home was sold back in 5 months ago at $305,000(1,550 sqft not as remodeled as this house).

2. Furnace/AC/Boiler is about time to be replaced (15-20 years old), Roof is 10-15 years old, but looks good shape.

I would like to hear some advice and your thoughts on this opportunity. Thanks everyone in advance. Stay safe!