How much to bid?

Very interested in a run down x-council house in north county dublin. On the market for over a year, originally was on at 520K, reduced to 495K in January, in June went sale agreed at 480K but it fell through, purchasers loan fell through. we are now interested, I was thinking of offering about 440K, (our apartment in the same area has gone down by 50K roughly in this time period) what do ye think? to be honest i wouldnt dream of paying over 455K for the house as it willprobably cost about 80K to bring it up to scratch.

What is the best opening bid do ye think?

Thanks in advance

Make

Has it plumbing and heating etc up to scratch in terms of the basics..a simple refurb can be done for about €15k...why €80k. Also liveable houses in the area, what are they costing in comparison. If interested get a surveyors reports, find out cost of repairs and under offer 10% below the asking price of liveable homes in the area, minus cost of repairs for the hassle.

thanks for your advise, there is no heating at all in the house, the plumbing is very bad, needs windows, rewiring etc.

we are going out with an architect this week to see what she thinks..