Cameron is correct, pricing a home is not an exact science, it really is more of an art. Numbers and trends do play a large part in pricing so the 1996 sell price might not be altogether useless, just not something you can hang alot of weight on. The home was built in 1996, the year of the sell price you mention. If there were other homes in the same sub division that were built and sold at the same time and have sold recently, this will give you a factor in setting a price for this home, but it is only one factor and may or may not be all that significant. Have a Realtor or two do a CMA or hire an appraiser to really get an idea of current pricing.
The info for this house says that all offers will be lender mediated which means that the usual emotion that sellers have in a real estate transaction will be minimal to none with this house. Lenders look at the bottom line and have no emotional attachment to the house. Talk with your agent about how this will affect your stategy should you decide to move forward.