If he is, that may solve your problem.(only kidding, kind of)
As Steve said, it really depends on what you are paying for the house and land and what the fix-up cost will be.
If you have noticed the house getting worse in the past year, It should be fixed soon! "A house with no foundation will not stand!"
Only you can decide what you can afford and that should be the factor you work with.
If you really like the house but have limited funds, I'd start baking pies.
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