Thanks for the responses.
One correction, house is located in the suburbs of a large Metro city and FWIF the SF is 1,025 SF and has a full finished basement.
Houses that recently sold in the neighborhood sold for $165K and $170K.
I just spoke to my parents and they said they did speak with a realtor who suggested there is a "minimum repair vs maximum repair".
Apparently the "must replace" items include the driveway and back patio (it is a decent size), many of the windows have to be replaced (a few have cracks and some apparently are NOT functional).
Other apparent issues are some of the siding is not in great shape, the carpet needs to be replaced (there IS hardwood underneath), walls will need to be repainted, the flooring in the bathroom and kitchen are not in great shape.
Basically, all of your typical fixes for a house a 99 old person lived in.
IMO, this sounds like the type of home for a young family, as the house has these problems, but is definitely livable, it's just old and outdated.
The realtor seemed to thin that if she was hired, she could likely sell it "as is" for $125K minus her commission, so she suggested listening to the cash offers and if then do the math to see if they make sense or not.