Best way to start the conversation with an off market property

[Max Himelhoch]

Hey All,

To keep a long story short, found an investment property that I really believe in. It's off market, but in it's current condition, can't believe the owner is that connected to it (appearance is very bad, from paint to landscaping, general condition, etc.). Worked through my numbers estimating renovation expenses, comparable rents, etc. and backed out into my maximum purchase price.

My question is in how to approach this situation. I want to start a conversation with the owner, feel out their side of things, but am unsure where to come in at for the price. I can't imagine the conversation will last long before he asks how much I want to pay for it. Obviously don't want to come in full, or low-ball. I don't really know, this is my first attempt at this, and given the unique property, really can't afford to spoil the opportunity. 

Any help would be graciously accepted.