Probably about $6,500 in 1949. Today base it on cma's, but be aware that cma's can be used to stack the deck to have you overpay. Make sure your agent uses the short sales and foreclosures in figuring out the value, then offer less. prices will fall.
There are many factors involved in determining a price-- such as location, condition--was it updated in any way--of course recently closed similar properties in the immediate area, etc. Without actually seeing the property, it is impossible to give you a guess estimate. If you need assistance feel free to e-mail.