Without knowing anything about the property but price, hard to say. The price it sold for in 2009 is irrelevant.
What does your agent think?
Remember on a short sale, there has to be a hardship, the sellers bank does not have to agree to a short sale and the sellers bank has a final say in what price they will accept.
Make your best offer based on similar properties and the return on your investment (estimated rental income less expenses.)
It needs to pencil out to make sense no matter what the price.