Just wanted to post an update with some further information.
I've gotten a lot of interest in the site, and a few people asking for a BIN price. I would like to receive a few offers before I set a BIN price, as this is really my first sale of a developed site and I would like to let the market set the price.
Some further information about the site.
The site is currently running PhpFox v1.1. The script is leased, because I didn't have the money to buy it outright. The cost to purchase the script is $300 plus $75 for license removal. Feel free to factor this cost into your offer if you wish. v1.1 is a rather old version, and the site would definitely benefit from an upgrade as the latest version has more features, less bugs, and significant performance increases from what I've read. I haven't upgraded because, like I mentioned, I am very inexperienced with web development and I was afraid of messing something up. But I would highly recommend it being done.
Some of the site is modified, these mods won't carry over into the upgrade, but to be honest, I think all of the modded features and more are included in the latest version.
Also as far as the server requirements go, the site will definitely need a dedicated server. Currently I am running the site on a Dual Processor Xeon server, but this is far more than the site requires. I think it's only using about 7% of the processor (and this figure may be for just one of the processors, not sure). I had plans to create another social site and a few other sites, which is why I decided to go with a hulk of a server. My ideas far exceed my abilities though, unfortunately
Maintenance requirements are fairly small. I really haven't done much with the site in months. I answer a few emails, ban disruptive users if they are reported, and some other small tasks. It's really not difficult to manage, but really requires some research/abilities if you want to implement custom features.
I still think that someone who is knowledgeable in web development/PHP could really take this site to the next level. I've had alot of ideas, but no way to implement them. Features in the script are constantly being added if you're willing to update, but at the same time for a site like this, it would definitely be beneficial to be able to roll with the punches of growth so to speak and be able to implement your own ideas.