My fraternity is looking into purchasing our house from the University. They want us to make an offer. The average cost/sqft is $177 in our area. The issue is that the house is extremely dated, has a closed floor plan, no basement, no yard space, rotting wood on many areas (particularly window frames), water damage inside the house, poor air conditioning, old plumbing, old wiring, one small kitchen fluorescent lights, and I could go on. Everything that is nice in the house is work that we have done to make the area livable (funded by us, not the University).
Is there any way for us to actually make a reasonable estimate on cost/sqft taking all that into account? The house is 8000 sqft according to the University. If so, how would we go about it? As we are still in the discussion phase, we don’t want to hire any inspectors or anything – we just want to try to figure out an idea of a number since the University isn’t giving us one despite offering the house to us.