Buying a property that's up for sale

[Nanette Miller]

I went to a property that's up for sale, it's been on the market for 55 days thus far, was recently reduced.  It needs quite a bit of work, I'd say 30K to 45K in renovations, the price is $299, the Realtor that was showing the property said seller is motivated.  I have researched the comps the price doesn't warrant $299K, I'd say $279K maybe.  Would it be fetch to have Realtor make an offer of $200K or $225K or should I take a contractor to the house and see what he'd estimate repairs and then deduct repairs and come up with a price?