What would be a reasonable offer?

I'm going to make an offer on a house and am curious what sounds reasonable. It is currently bank owned and I know that the previous owner owed $44,000 on the mortgage. The home does need all new flooring through 80% of it and 1 room needs new drywall. There are also a few ceiling tiles with water damage. The bank is having the roof fixed where it leaked. The house is not currently listed, but I was told that they expect it to be listed for between $50,000 and $60,000. I was thinking of offering somewhere between $47,000 and $50,000 with the seller paying closing costs. Any suggestions?