Now that I know that you're working with a Realtor, the last thing I want to do is to step on their toes. I will tell you though that the past sales and prices are easily available on the MLS. Your Realtor should have access to that, in order to give you exact prices. Those prices I gave you are right on the tax data base, through our MLS.
As for the condition, I haven't seen that property, but my suggestion would be to go back and ask the seller what repairs or remodeling was done since they bought the house. Your agent can archive the search.
I was actually able to go back as far as 2002 and I seen that the building was sold back in 2002 for $180,000. The listing sheet back then says the building was totally rehabbed at that time. If the building was totally rehabbed in 2002, I can't see these sellers doing much more. Be careful because sellers can tell you that they did the updates and they were really done when they bought the house. This is why you need to get educated on the property before you write an offer. One more thing ... the market values are down since 2004.
I also disagree with Tim, from Portland Oregon. It's the agents obligation to you, the client, to do this research and to "advise" you as to what a far market value would be on this property. Ultimately, it's your decision, but your Realtor has a obligation to advise you.
Hopefully that helps but your agent has access to this information as well.