FTHB in KS Freddie Mac Property

Hey, long time lurker here, but first time poster. I've searched here and else where to find my answers for a few days now and have given up to just ask.

I am interested in a Freddie Mac property, but it seems a bit over priced for the condition it is in. It is listed at its county appraised value, but that is too high for the repairs that need to be done. Do I need to sit until Freddie Mac just drops the price low enough to make an offer on it or can I send a list of repairs that need to be done with an offer 25% under the asking price, which really would be a fair sale in my opinion?