Here's the space plan of the basement as it is now. Conor made the diagram using graph paper and a peel and stick home planner he received for his birthday. Pretty nifty!
Before looking at the plan, I never realized why the future 'kid playroom' was such an odd shape. During the flip, they must have added a closet (labeled as 'Conor's closet') in order to be able to count Conor's room as a bedroom. That's why that wall is drywalled--the rest of the basement is painted paneling. Aha!
We've moved some of the furniture and clutter out of the room. We've decided on a budget of $500 for this space. We're hoping to save money by using furniture we already own, and (of course) doing any work ourselves.

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