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I'm looking at buying my first house (bungalow) that is significantly below the market value of other similar models for sale in the area (I have visited them), and I will be putting in an offer significantly below the ask (based on estimates +error to return the place to normal condition) The one I am looking at has been neglected for years, and will definitely have it inspected before any firm offer is made. I want to rule out any major structural/mechanical issues.

Does anyone else have experience dealing with houses like this? What are some guidelines to remember and what would be a good way to structure the offer (for both myself and the seller's point of view)?

*** For some quick numbers, lets say a similar model home sells for 300k, and I will need to spend 60k on mine just to get it to market value.
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