How much more should I offer?

[Jerod Smith]

so I found this great foreclosure for my first rehab. It's a 3/2 built in 81' 1780sf on 3.5 acres just on the edge of town. Here's the things to rehab:

• Engineering report says 22 piers. 
• Kitchen and both bathrooms gutted. 
• Floors throughout. 
• Painting inside and out. 
• Some drywall patchwork. (Popcorn ceilings removed). 
• Landscaping, tree trimming. (Lots of trees on this). 
• New Hvac. 

I've roughly figured on $40k for the rehab cost. 

Comps pulled myself range from $125k-$140k up to 2 acres. No comps for a 3.5 acre. I offered $55k over the weekend. Realtor said they received another offer over the weekend as well and wants me to counter offer. 

Opinions on the property and how much to offer?  I'm self contracting. Remember first rehab, so learning curve will be applied. Thanks for the input!