Fixer uppers-- how much can I low ball??

Forget the coop board for the moment. Set aside the condition. The main point is that the unit is on the market for 4 months. The seller may be growing frustrated. In bidding, explain that you are taking into account the fact that the kitchen and bath must be remodeled. That isn't exactly cause for a fire sale...maybe $25K-50K off. Let's be realistic. If the kitchen and bath were 7 years old and serviceable but not to your taste or liking, you would likely tear them out anyway. Same as an apartment with a new bath/kitchen done on the cheap. You would either tear them out or refuse to pay much of a premium for the quick fix jobs. Seriously consider what the unit is worth to you, taking into account how much the remodel would cost you. Make an offer based on this and comparables and consider that the seller may be getting antsy. Worst the seller can do is say no or counteroffer. But in the end it is unlikely you are going to "mug" the seller simply because the bath and kitchen are lousy and the place needs a coat of paint.

Make sure you figure in an additional discount for you getting the work done. It not only takes money to get the unit fixed but also you will have to put in the time and put up with the hassle to get it done.

Typically, in a slow market there is a much higher discount off comps for a unit that requires an update.

Yes we are putting a price on the aggravation of dealing with contractors, purchasing materials, the time it takes etc. Let's see how this plays out. We offered 60k under ask (after their price decrease). Let's see. And we will be asking for a 30 day mortgage contingency too. We figure we have a better chance of getting this with an apt that has been on the market for some time.

Please let us know what happens. Curious now. I don't think your offer is unreasonable to start negotiations.