Driving for dollars lead!!!

[Edward Teibowei]

I was out just driving around my area today when i happen to see a house with a for sale by owner sign.  I took a pic of the house and the sign and when i got home i did my research and found a listing for the house on trulia.   It said fsbo and he has it listed for $250k. It has also been on their for 180+ days.

I checked some of the comps in the area and they range from $30k to $145k.  Although a house about half a mile from it in a different much nicer community sold for $289k.  I am just starting to learn wholesaling and have not made any calls to anyone yet so this would be my first one.  

My question is what kind of offer should i approach him with.  I was reading about the 70% rule.  That would make my offer around $170k - $175k.  Can you guys give me any pointers on how i should approach this guy?