Hi Cameron
Is it a short-sale, foreclosure or traditionalsale?
If it's a traditional sale, it is what the owner feels what it worth.
It might be personal value and not a realistic market value.
As, Trisha mentioned ask friend if they know a good agent and have him do a Comparative Market Analysis.
And, go from their.
Good luck.

That is quite a jump. My suggestion to you would be to find a buyers agent who will show you the property and do a CMA on it to determine what it is worth today. If they really did a lot to the property it might very well be worth it now, especially if they underpaid for it in July. Just call around to an agent in the area who knows the market and have them take a look at it for you.

Hope that helps!