Making a Forcosure Offer

[Account Closed]

So after looking at the market in Houston for the past few months, I'm noticing a couple things.
First, there are many many foreclosure homes in Houston listed well below ARV.
Second, the offers are all turned in to the bank at the same time, so highest offer wins.

So my question is this. Do I keep offering just over their list price and hope that one of my offers will eventually be picked, or do I calculate the highest offer I can afford to make while still making a profit on a flip? And if so, what is the best way to calculate that?