I can't see the upper section of the pipe but it looks like it may be lead. If it is then replacing a section of the pipe with PVC would be the best solution. As far as price get three estimates from plumbing contractors. It's not a job for a handy man.
I would try replacing the wax ring first. it's common in old homes to stub up lead and wrap it around a cast iron flange. If it was smaller diameter I would say replace it but it looks like 3 in. I've done a ton of work in old homes with this set up if you replace the wax seal and it still leaks then something is wrong with flange or pipe I would then call a pro in to fix it. 900 is on the higher end but it depends on where you are in the country I would do my research and get more quotes average is around 100$ an hour and that's a two man job so I would charge between 400-500. That's a reference point for pricing
Again, NOT a job for a handyman. Get a couple more bids from reputable plumbers. Prices vary widely from area to area and even within areas.
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