It could be, or it could be a bargain. $perSqFt is not a universal safe means of determining value. What if two 1500 square foot homes were 1 block away. One was "remodeled" by the home owner using cheap materials and amateur skills. Another was remodeled by a professional using top notch materials and great skill, are they worth the same?
You need to have a local professional on your side to evaluate all aspects of this deal, price, quality, terms etc.
$165 per sq ft is undervalued if ........... you fill in the blanks. I know I can if told what the address is and what condition is.
Good luck to you in any case,
Isaac Real Estate Team
Champions Real Estate Services
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the average Price per Sq. ft. in 98467 is $144 as of December. we are seeing a change in the market and inventory is low which will factor in.the quality of the remodel will determine if it is worth it or not as Dan mentioned.1/3 of an acre can be hard to come by in university place. it sounds like you should be ok but you should have your realtor do a CMA on the home you are purchasing to make sure you are getting the most for your money. if you are not working with an agent you can give me a call and I would be happy to do one for you at no cost.
hope this helps