While the home is a common design for the period (and area), it's currently very dated (both inside and out) and may well require more money than you have budgeted (even assuming you're doing the work).
When the property was originally listed in 2010, the agent remarks suggested it was a tear down ('building plans available'). Additionally the county places 400k value in the land and 200k value in the home. Usually those numbers are reversed.
The city / county is interested in the property as it sits on a curve in the road. They're probably interested in straightening EP Road. But I wonder what their plans for the rest of the land would be, as they won't need the entire parcel to achieve that goal (unless their plans are different - I'm speculating on motive).
Did you have any interest in allowing the city to purchase the home / land, having them do the lot split and then reselling the vacant land back to you. Or are you just looking for a short flip payday and walk away? (either one works for me - money is money).
To me, it sounds like the county offer is low - especially if they plan on reselling the unused land once they've demo'd the house and moved the road. But what can affect price is what timetable the city has for the project and whether MNDot (or whomever) has green lighted the project with money or whether this is a long term hold for EP. The sooner they want it done the more they might be willing to pay. But I'd be wary of dumping too much cash into the house as it could be a potential money pit with no payday in the end.
Source: http://www.zillow.com/advice-thread/City-Acquiring-Property-For-Road-Wait-For-Eminent-Domain/487621/
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