The scenario you describe is best resolved by working with a real estate professional who can assist you to discern through accurate and current comps what a feasible offer is for the unit that you desire. I believe you are misinformed if you are of the mind that this is a buyer's market. Certainly buyers have certain advantages in the current market, especially if they are capable of making cash offers, can offer without home sale or home close contingencies, or are qualified for a mortgage to make their intended purchase. The seller has the inherent advantage of holding possession of the residence that you wish to call your own.
Having said all of this feel free to make your admittedly low offer should comps justify such. But if they do not I invite you to expect what I tell my clients will be an "atrophication" on the sellers part - in other words, don't expect much movement on the seller's part.
I urge you to enlist a real estate professional familiar with Rogers Park for your future home search efforts.
The Real Estate Lounge Chicago