First time home buying - Off market opportunity

[David Featherstone]

Hey everyone! My wife and I have been renting a home in Los Angeles from a family member who recently passed away. We now have been given the opportunity to purchase the old home off-market, if we'd like. The house was built in 1951 and most of it hasn't been updated since the early 80's. Since the family is not using an agent to sell we won't be either, so we don't have comps. We want this to be a live-in flip. Before we make an offer we are paying for a home inspection. What else would you recommend that we do to determine the home value and to determine what we offer? Any other things we should be wary of? (If we do purchase we will be using an escrow company.) 

Thanks!