I guess it depends on the market. I have purchased at between 35%-40% below list on cash offers. These aren't war zone or even blue collar neighborhoods either. I'd say it also depends on how long a property has been on the market and if it has gone through several price revisions or not.
Something else to look at is whether repairs are insured through escrow or not. When they are insured, FHA has money set aside for repairs that can be rolled into the loan. Non insured properties don't have that set aside in escrow, meaning the buyer has to come up with the money themselves to make the repairs. This eliminates quite a bit of the pool of buyers.