How low is too low when making an offer on a house?

[Nate Pucel]

There's a house for sale that I'm interested in that looks to have been a rental due to a bit of visible damage. Hasn't been listed for sale in decades and is in the name of someone who I believe may have moved due to profession. The current price seems high based on the current condition and SF. It would be my first rental property, and so I'm unsure what's too low, both in terms of what you've seen accepted under asking, as well as what's acceptable to ask your real estate agent to take the time to draft up an offer?