Is there such thing as too low of an offer?

[Account Closed]

I'm considering investing in a duplex that I will owner occupy.  The duplex was built in 1991 and is priced at 285k with an assessed value of 255k.  The listing agent said that the price was set where it's at because the seller does not have much equity in the place.  Other websites like zillow give estimates as low as 215k and show estimate details that the property has never been estimated to be worth over 200k until last year.  From my experience, I know that the market right now in this location is not considered excellent for investors.  I'm generally one to start with a low offer either way.  But, what is too low?  Is it insulting to offer 200k?  Will an offer that low turn the seller against me?  I'm not one to mind giving a low offer, and I've been on the receiving end as well so I can understand how it feels.  I would at least like to leave myself some room to negotiate. 

[Joe Villeneuve]

Let me add this to what others have said above. REI is a numbers game. The numbers that matter have $$$$$ in front of them, and not street names behind. The object isn't to acquire as many properties as you can, it's to acquire as much money (profit/CF) as you can.

Make your offer based on you making money...and don't negotiate based on what it will take to get the property.  Winning a property that loses money, isn't winning.