This sounds like a real project....As you are aware, in the current market, there are many newer condos, requiring no upgrades that are being sold for great prices.
Without having a better feel for the location, community, view, proximity to beaches & shopping it's difficult to comment on a fair price. A general blind folded guess would be under $200,000. And it could be a lot less.
The "Eckler Team"
Century 21 Almar & Associates
Venice, Fl 34285