What's the interest rate on the loan, and is it fixed or adjustable?

Those two adjustments were what it took for me to keep doing deals in a market like this. 

Facebook has already announced that it will cost adjust salaries for employees that move from the Bay Area to areas with a lower cost of living.

Most inspectors will want to peek behind the walls and you may have to pull all the drywall so they can see all the framing, plumbing, and electrical.Definitely adjust your numbers on the deal ignoring that square footage and subtract any costs that may be associated with demo or corrections from the purchase price.It might be worth just getting a preliminary inspection done by the city just to give you an idea of what it will take to get it approved.

I would assume your contract has a due diligence period and as long as you're in that, it's never too late to adjust the offer (and even after that, you can back out, you just risk your earnest money).I wouldn't make a habit of this as it's distasteful to the seller and selling agent and can give you a bad name around town if you're a frequent offender ("Zebuel uses a bait and switch on all his offers").

This one is now protected from debt risk and can be a safety net in a down turn as all you have to do is adjust rent enough to cover taxes and insurance without worrying about paying a mortgage. 

I would adjust my offer accordingly. 

Existing home sale prices will be pulled up and up to and above this mark adjusted on geographic scarcity and configuration of home.

Or you can expand your search radius over a few miles and make adjustments to fit your area.

A full year without having to renovate the place, giving me time to adjust to market uncertaintyC.