Bidding on HUD Homes

[Ryan Urban]

I'm looking at a list of available HUD homes in my city, and I'd like some guidance from experienced HUD investors.

Let's assume that I'm looking at a home that requires little if any upgrading (just to compare apples to apples). What is a reasonable goal when making a bid, based on the listed price? 10% discount, 20% discount, 30% discount? 40%?

I realize that every property is unique, but is there a rule of thumb? I don't want to waste my time, and the time of my realtor, with ridiculous lowball offers - yet I want the best deal possible.

Thanks!