How low can I offer on a foreclosure?

[Sara Abernethy]

I'm looking at buying a 2BR 1.5BA foreclosure that is listed for $79k. There are three identical units. Cash is required and I'm prepared to pay cash. I was able to see the inside. Some work is needed but less than $10k. I'm going to rent it out for $800-950. It's in a nice area where there aren't a lot of foreclosures. The properties in the area are about $120k and a bit larger than what I'm looking at. Market value is prob $90-100k for these places. Since it's a bank I'm negotiating with I don't feel bad low balling. They have three of these places to unload and they've been on the market for 180 days +. How low can I go? What would you dare?