That being said...you have nothing to lose by making an offer. If it just listed, fat chance for getting it for that price. I have seen estates hold on to properties for months, even years until they get their hopeful price.
But yes, eventually, an estate sale should sell for something near the comparables, if not a bit lower.
Brush up on your negotiation skills, knowledge of the local market in the last year, understanding of the rental market, and financing situations, and I'm sure you'll be fine. Really.
It's best to sit with a Broker and make out a plan for negotiating. Looking at comps in the area would help to determine if it is $199 is a viable price point. If you are not currently working with an agent, and need assistance with this property, or any others, feel free to contact me.
Jerry L. Davis Jr.
2301 N Clark Street
Chicago, IL 60614
The Prestige of RUBLOFF.
The Power of PRUDENTIAL.