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The list price isn't enough information for someone to tell you what a good offer is.
If you are not working with a realtor, I'd contact one right away to assist you in coming up with a price based on what the house should go for and from there determine what strategy you should use to determine your offer.
Make sure your buyer's agent represents you well in the transaction with this short sale as they can be tricky. Sometimes the list price will be well below what the bank will accept but the price is artificially low just so an offer can get to the bank and perhaps forestall the foreclosure proceedings.
Best of luck.
Another question to ask yourself is if you are ready to put up with the frustrations of seeing a short sale through to the end? The bank has all the marbles in their court. Even if you place an offer on the property, they may still allow other showings and offers to be submitted. They can take up to 30 days to give you an answer on your offer and you may wait that long and then find out your bid lost out to another and you are going to have to start looking again. These are also "as is, where is" the so it will be up to you to do any repairs needed to the home.
I work in the Elkhart/St Joseph county areas, if you have not selected an agent to help you through this process, I will be happy to answer any other questions and help to make this go as smoothly as possible.
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Keep in mind that the bank is taking a loss in this deal, so they want to net as much money as possible. The bank will look at your offer, do a BPO (broker price opinion) and may come back and say they want $XX more.
Hope that helps.
You should consult with a real estate agent to go over recent sales in the neighborhood of the short sale. In most cases, the bank will approve the offer if equals or is over the appraised value of the home. Your agent will help you determine this number.....which should be fairly close to the list price.
Please see my blog with a full list of tips and assistance on buying a short sale.