Even though it is a buyers market, it is prudent to be reasonable in making an offer. Some buyers tend to think they can 'steal' a house because of a poor market. A lot of houses in this market tend to be priced well if someone actually wants to sell. Starting out at 10% below list should put in in a reasonable ballpark. I would suggest thinking about what price you want to end up at after negotiations back and forth.
If brand new on the inside it will be important to get a good home inspection to see if rehab work was done properly. Also not sure what 'long time' means but a) a long time on the market isn't that unusual these days; b) this could be an indicator that there are issues with the home.
I was just over at 115th/Kedzie washing my car last week.... more