First buy--Help me analyze this SFH, Carriage House, and Garage

[Ben Mell]

I am under contract to purchase a 4-bedroom SFH that includes a Carriage House and a 1000 square foot Garage outside Philadelphia. The inspection just turned up a lot more work than anticipated: between $75 and $100k. Because it is bank owned and winterized, we cannot turn on the water. Concerns are: cracks in foundation, hot water (radiant) heat is suspect, electrical in each portion of the property needs to be redone, plaster ceiling in carriage house is crumbling at its center suggesting water damage to the roof. The $100k estimate was given to me by a contractor I worked for when I was younger that recently retired into consulting. He said it would ensure the work can be done and I can be protected.

Expense Numbers:

$184,000 Purchase price, comps for only a 4 BR SFH excluding carriage house and garage are $245,000

$140,000 Repairs/improvements, including addition of a 2nd floor to the carriage house. My family would live here.

$324,000 Total Cost

Holding Numbers:

$2,100 Principle Interest Taxes Insurance

$1,900 Rent from 4-bedroom SFH (with 7% vacancy this drops to $1,767)

$1,300 Rent from myself in renovated 2-bedroom Carriage house

$967 Profit with 7% vacancy on the 4-bedroom rental

The garage could potentially rent for $300-800, but I'm not factoring it in because I'm not sure of how legal that is.

This is my first purchase. I'm a little nervous to spend this much money even though I think the numbers make sense. Any insights?

Thanks,

Ben