I am in FL, but do specialize in historic/vintage homes. The biggest question here is are historic homes generally valued in this particular neighborhood (since an investor put a great deal of work into this one, I'd say the chance for that is good)? Some neighborhoods take great pride in their historic/vintage properties, others consider them eyesores and tear-downs... Consider that the quality of building materials and "pride of craftsmanship" often exceed those of contemporary homes, and most charming: architectural details! There will always be a niche market for vintage/historic homes.
To determine the "market value" of the home, you should have a local REALTOR assist you as a "buyer's agent. Are the other vintage homes on the market as extensively remodeled as this one? Are they up to current code standards? He/she will help you determine a fair offer and represent your interests solely during the transaction. Also, when considering the costs of home ownership, don't forget to include insurance premiums (these can sometimes be higher than contemporary homes--it depends on the structure itself as well as local standards of practice). Best of luck and happy hunting!