I would not waive inspection just to make a 6%-below offer look cleaner. “Needs updating” can cover cosmetic work, but a warehouse may also have costly building-condition issues that are not obvious during a viewing. Keep the right to investigate, then ask for either a price adjustment or repair...
I wouldn’t dismiss the deal solely because the gross figure will fall after expenses. Annual rent is S$57,756, so there is at least some room before financing. The bigger unknown is debt: a respectable property-level net yield can still produce poor cash flow if borrowing costs rise or the loan...