Very likely the price already reflects the location. If you've looked at comparable properties and feel that the price does not reflect this, then make an offer that does. With the offfer you (or your agent) should provide the information on comparable properties that justifies your offer. At the end of the day, the house in only worth what a buyer is willing to pay for it, location and all.
I've done plenty of deals in Deerfield and Highland Park - usually the homes that are close to Lake-Cook or near train tracks sell at lower price than comparable homes that are not "locationally challenged."
If you are working with an agent, they should be able to advise you on whether or not the price reflects the location. If you are not working with an agent, I strongly urge you to get someone that can advise you, It can save you a lot of headaches in the long run. If you would like to discuss further, feel free to contact me directly at Nancy@NancyKarp.com or 847-226-5594.