House for Sell

The weekend i spent literally sleeping, for example today I could not wake up, and eventually had to drug myself out by hair, like the famous Munchausen. After a lot of struggle I woke up and went to see a house, which would be sold at an auction. Lovely Gregorian house just behind Sadlers-Wels theatre, which is the prime location. The house is old, in a bad condition and must be heavily refurbished. Minnimum bidding price is 400,000£, but my estimation (read, wild guess) that it would probably rise to 800,000£. I wonder if its worth the hassle of buying it and if yes, where should I look for the amount as at the moment there is a hole in my pockets - not a pound left !