It had already had full electric throughout and the basement is only about 4 feet below grade so the space we made into the bedroom had 3 full size windows to satisfy the egress requirements. 

Square footage is one factor, but also consider things like: does one room have more windows, higher quality flooring, better paint, a larger closet, a better location within the house, etc.?  

Here are some quick pics of my room, the 24" clearance is the side of the bed by the window. 

For example, you might have a requirement that "ALL windows and screens are complete and functional, with no cracks or tears".

This means board up any broken windows and doors.

New windows, insulate, drywall, paint interior and exterior, flooring, bath & kitchen.

There is an upper level tub by a window which he would demo and remove and install a walk-in shower in its place using stone textured tile which I purchased. 

Make sure it is fully functional; VERY clean, including windows and screens; and a fresh coat of interior paint if it is at all tired or multi-colored or just "lumpy".

First floor has a beautiful open concept kitchen with white shaker cabinets that reach the ceiling, wet bar, hood over range, farm sink, large lit pendants over the island, stainless steel appliances and new windows.

The renovation consisted of just about everything cosmetic: roof, windows, flooring, kitchen, bathrooms, doors.