Even at $399,000 (it has had one price reduction) its overpriced for the area.  I would put its market value at around $345,000.  Any offer more than that would have to depend on how much you want the property. As it has not been on the market for an extremely long period of time an offer that low from listing price probably would not fly, but the listing agent, if they are worth their salt knows the true value of the property and may be able to convience their client that the $399,000 price won't fly.  The pictures of the property tend to show that it is in good shape so may add $10,000 to $20,000 or so for that condition.  I have not seen this property so I can't say for sure that the pictures are representative of the homes condition.  If you offer $370,000 as you stated you would probably get a counter in the $390,000 range.

Of course all this is just my opinion.

The first sentence in the description is "If you missed out the first time, now is your chance".

To me this suggests it didn't appraise near list/offer price and the sellers weren't willing to drop which hints at how any negotiations you have might go. It does look overpriced based on comps - I wonder how much is due to the pool. Not sure how much this adds on to value but from the satellite it seems to dominate the yard to an extent there's little other room there.

If you bid $370k be prepared to have to add an extra 10-20k on top of whatever the appraisal is to close this.

A nice pride of ownership property by the looks of it. Good luck!

endless fall -I disagree with your statement.

All this is just my opinion.