Before I would do anything, I would investigate the property completely with the town building department and talk to the tax assessor to see if taxes are owed and how much.
What you want to know from the buiding department is what they require for this property and if they have condemned it because of the damage done to it, what is allowed to be built there. Sometimes a building is a prior existing non conforming use. In plain English - it was built before the existing building codes existed so it doesn't conform to today's demands. This can be a huge issue - if you're allowed to just rebuild what was there, no problem. If, however, you have to conform to today's codes, the size may be smaller and you might actually have to build a single family home if that's the zoning there today. You might also want to ask if there are any environmental hazard issues that were uncovered.
You can't figure out what to bid on this property until you know all the above. Then there's financing. If it's a commercial property, the down payment required for commercial loans is typically 30%. If you don't have cash to do the construction, you'll have to find a construction loan which is rare these days.
How much to offer depends on what you're buying. If the building is condemned, then you figure it as a building lot. If not, that's something different. What someone paid for a property has no bearing on it's market value. In this case it's a question of what can you do with this property and what must you do to get there.