Should I make a low ball offer?

[Tom R.]

In a 1 square mile area of a region I am looking at investing in there are 5 houses listed between $100k and 130k. In the past 6 months there haven't been any homes sold in the area for much more than $85k. One such home has been on the market for 80 days and had the price dropped twice to $109k. I'm considering making a low ball offer. The owner appears to have purchased it wholesale in march and put a lot of work into it. I believe the home has a market value of around $100k.  I'm considering offering $75k or 80K. I know that I shouldn't fear making too low an offer and getting turned down I'm just not sure its a good way to start a relationship with my realtor.  I've already got one lined up and looking for the kind of deal I'm looking for. What are your thoughts?