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Yeah that's not realistic math, from experience... Either it won't sell at all, or if it does it will be for 75-100K under market. Or if he invested the 50K, he should do it if doable in a way that generates 75-100K in extra value (like an extra bedroom instead of a new cupboards)... Buyers seem to go for something "finished" and "perfect", or for a steal that they think they can fix for less and beat the market... Time is money. If it's truly 50K underpriced because it needs precisely 50K of work, it is worth 75K under market at best. (Home renovation) time is money (as well).
PS: I fall into category#2, and we doubled the estimated renovation costs (but no complaints)... so it's hard to gauge. "while you 're in there" doesn't only apply to Porsches ;-)
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