how low is too low?

Most of what you are looking at in this price range are probably condos and there price points can vary wildly. I recently did a deal on a PH in Chelsea, ask was $20k we did the deal at $16,000. Unless we have a total collapse I don't see prices falling 30% on units that are priced correctly. What you can negotiate will depend on how desperate the owner is. Then again if you negotiate 30% off a property that is 25% over-priced..

If you are really concerned ask for an out clause with 30 days notice after 6 months, explain it is unlikely you will be leaving but need it for peace of mind. This potentially terminates your lease in August, a good time for an owner to be renting as well.

Time on the market is accurate, the rest may vary a bit as the listing broker up-dates the info.