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Several Internet-of-Things (IoT) applications provide location-based services, wherein it is critical to obtain accurate position estimates by aggregating information from individual sensors. In the recently proposed narrowband IoT (NB-IoT) standard, which trades off bandwidth to gain wide coverage, the location estimation is compounded by the low sampling rate receivers and limited-capacity links. We address both of these NB-IoT drawbacks in the framework of passive sensing devices that receive signals from the target-of-interest. We consider the limiting case where each node receiver employs one-bit analog-to-digital-converters and propose a novel low-complexity nodal delay estimation method using constrained-weighted least squares minimization. To support the low-capacity links to the fusion center (FC), the range estimates obtained at individual sensors are then converted to one-bit data. At the FC, we propose target localization with the aggregated one-bit range vector using both optimal and sub-optimal techniques. The computationally expensive former approach is based on Lasserre's method for multivariate polynomial optimization while the latter employs our less complex iterative joint r\textit{an}ge-\textit{tar}get location \textit{es}timation (ANTARES) algorithm. Our overall one-bit framework not only complements the low NB-IoT bandwidth but also supports the design goal of inexpensive NB-IoT location sensing. Numerical experiments demonstrate feasibility of the proposed one-bit approach with a $0.6$\% increase in the normalized localization error for the small set of $20$-$60$ nodes over the full-precision case. When the number of nodes is sufficiently large ($>80$), the one-bit methods yield the same performance as the full precision.