We had thought about giving them a 50% rent reduction but the bank isn't going to do anything for me.

Maybe I can't do that for 90 days Mike - I sent you a PM.Ryan - nice move with the price reduction . . . let us know what comes of it.

Hell, closed comps from 3 months ago don't really apply to the current market here as the market dynamic has shifted greatly and buyers are being forced to the sidelines.I can't wait to see OpenDoor's ad Offerpad's earnings next month as they own a lot of property out here that has been sitting forever, even with them finally doing price reductions.

As @Steve Babiakmentioned, you aren't likely to be able to negotiate for a reduction in the amount of back property taxes owed.

A 20% reduction will leave a balance of $42k.

Some states have appeals processes to a board of other land owners that might be willing to grant a valuation reduction if there is an obvious overvaluation.

If the property does not appraise the buyer has the right to ask for a price reduction or cancel the contract.

Offered slightly below list price based on analysis and later negotiated a $3k price reduction based on inspection findings.

If you subscribe that the market is appreciating then you lose a portion of that down payment each year to that appreciation on the house you were going to buy, instead of receiving the appreciation and the principal reduction from your potential 5 tenants you are giving the appreciation to the seller of your future investment property.  

If this is fresh on the market, maybe it's under priced and you got a deal, however if it's been on the market for awhile and has been through some price reductions then it's probably close to market value.