It all depends on what its future value could be. Let's take two examples.
First Example: House Price: 300K. Work Needed: 150K. Top value for home: $400K.
Second Example: House price: 400K. Work Needed: 200K. Top value for home: $700K.
Only one of these homes makes sense to purchase financially. But to figure out where your home fits, you need some help. Find someone who can "fill in" the "work needed cost" and the "top value for the home" boxes, and you'll be able to make a sound decision. A knowledgeable Realtor should be able to do this easily.