offer on bank owned condo

[Erick LaCroix]

Hey guys, I am 21 years old and have been looking into condos in my area. I would like to eventually get into owning rental property but for now I am looking into buying a condo for my residence. I have found quite a few bank owned condos with asking prices at half of what they were assessed at last year. For instance one has the asking price of $69,900 and was assessed in 08 at 138,400. My question is how much should I put in for an offer. I know the worst the bank can say is no or counter offer. I feel like buying a condo at this price and holding on to it for 4 or 5 years and selling will leave me with a good size downpayment on a house by the time im 25. What do you guys suggest for an offer with a good chance of getting accepted?