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One more point: I wouldn’t lead with a request for repair credits as well as the lower price unless you already know the scope. Offer based on the visible condition, inspect properly, then seek a credit only for material findings you could not reasonably price beforehand. Otherwise the seller...

Is it currently occupied, and are any student leases part of the transaction? That could change how I viewed both the price and the completion date. I’d also want to know whether “needs updating” means cosmetic finishes or issues likely to affect inspection, insurance or appraisal. A 5% discount...

For Haruto’s scenario, I would assemble renovation dates, permits or approvals if applicable, a concise feature list, floor plan, and truly comparable closed sales. Avoid turning it into a glossy sales pitch.