How do I value this Craftsman renovation?

[James R.]

Hello everyone - 

My wife and I are considering purchasing a 1927 craftsman style home in North Oak Cliff. The home is a "full renovation" - brand new electrical, new plumbing, new roof etc. Its a great house - problem is the seller (renovator) has the home priced over $20.00/sq ft above other recent comparable renovations on the block and in the neighborhood (the neighborhood has a lot of recent renovations - its one of those rejuvenated historic neighborhoods). All of the homes in the area are 1920s era builds. Aesthetically and at face value, this house looks nearly identical to the other renovations - same amenities in the kitchen, similar finish in all rooms, similar bathroom remodel, similar yard/landscaping, same lot size, all one story etc. Consequently, I'm having trouble understanding where the seller is deriving the extra $20.00 per sq/ft of value.

It could be that he/she is simply starting the bidding high - fair enough, but Im not prepared to bid anywhere near his asking price.

Alternatively, perhaps I'm missing something beneath the surface on this renovation that increases its value vs recently renovated comps - i.e. the new electrical and plumbing; or the fact that it is a "full renovation". So my questions are the following:

1. Is "full renovation" common among houses built in this era, or is it common for builders to get by with a "partial renovation" (for lack of a better term), despite the homes being 90+ years old?
2. Should I expect to pay a premium for a "full renovation" when the end product is a simply a home with amenities, infrastructure, and finish similar to/on the same level as other recent renovations in the area? Let me expand on this question:
2a. The electrical system is brand new - should this add significant value above a similar renovation whose electrical system was replaced 10yrs prior?
2b. Is it possible that any 1920s era homes that have been "modernized" don't have an electrical system with a lifespan of nearly 100yrs? e.g. thermoplastic wiring
3. How/where can I do more research on my neighborhood comps to discover the extent of the renovations done? Specifically, the hidden work like plumbing and electrical (e.g. perhaps these comps have original galvanized pipes, or knob and tube electrical, thus were priced and sold lower [doesn't seem likely]. Or, even if there have been modern updates to this infrastructure, maybe I should expect to pay a premium for a system that is 5,10,15 yrs newer - although that seems to imply an excessive rate of depreciation on these systems...)

Any help from you savvy real estate pros is helpful, same goes for any other suggestions/advice you can offer.

Sorry for the somewhat abstract questions - brand new to home renovations - hopefully I articulated this clearly enough.