Decision help needed

we are hunting for 2nd house to be used as rental property or for self use. There is one that we liked. The condo has been on the market for 5 months. the asking price is $289,900. The owner bought it for $270,000 18 months ago and he also put in $35000 for upgrades. so the condo is actually selling for a loss.

question: if we really like the condo, shall we buy it without bargaining? I would think there is still room for bargaining as it has been on the market for so long.

What do you think is the best solution?

thanks in advance