Making an offer on foreclosed property

[Challenor Jack]

Hello BP family I am in the process of making an offer on a Chicago SF home 3 beds 3 bath. It is listed at 140k and in need of approximately 15K work. The properties in the area are within the 190 to 240k range. 

My question to those who may know. What is considered a low ball offer and what would be considered a good offer. My take is I use the valuation of 220k after repair value and offer .50 cents on the dollar which will equate to 110k. Is that off base