Planning to bid on a condo that needs work.

I'm currently looking on a property in a quite respected and well beloved city in my country (Denmark for anyone interested)This current property, is currently priced at 1750000 DKK - Which is around 235k euros.The time it has been on the market is quite alarming, sitting at 2876 days so far.What would be a good lowballing bid?

Would you still consider bidding or are these red flags of a scary money pit?  

The happy purchaser went up front to pay for the property and was informed that he would be liable for 2% Realty Transfer Tax on an assessed value of $450,000 or $9,000, plus costs and his $1 bid. 

I had bids as low as $85/ft, and I had bids as high as $125/ft. 

In the beginning you should be getting a bid from a GC for the rehab.

Shouldn’t they have to sell it at the highest winning bid if there’s no reserve price?

Had my agent bid on a house that needed $50k in repairs on Hubzu that was for cash only investors, trying to avoid competing with owner-occupiers.

I find myself looking for subcontractors that do very good work, but for cheaper prices, which requires more management from me.I personally feel like there’s a lot of money being left on the table when you pass up an investment opportunity because it falls slightly below the 70% rule.Now if you’re getting construction bids done at $12 - $20 per square feet like J and others do, then I’m sure you can go below the 70% rule (by the way how in the world can I get to those numbers for rehab bids!?!?

But it seems like the investors who are able to out bid have long history with their guys which translates to lower costs to build.