HUD home has been on sale for 240 days, how low should I offer?

[Matt Hendrickson]

Hey all,

I'm looking at purchasing a HUD home that has been on the market for nearly 250 days. The house needs extensive renovation. Basically all that is ok is the exterior envelope. It needs a new roof, driveway, mechanical, electrical, plumbing, flooring, cabinetry, minor foundation issues, and more. The asking price for the home is $80,000. There is probably around $60,000 needed in renovation. There is no way that home is worth $80,000. Does anyone have any experience on how low HUD is willing to go. I'm thinking about offering $30,000-$35,000.

Is that a good starting point?