I thought I was done with rookie mistakes

[Kimberly H.]

Homepath contract in hand... so happy.  I want this to be my dream home. Finally got 1 contractor to come in and say "sorry, you'll need 200K to renovate this house".  The next contractor wouldn't even come look. He just emailed me flat out "you can't renovate a 4,000sf house with a $125K".  It does need all new systems, it's 4,000 sq feet, really nice property. Comps support an extra $125K on top of purchase price.

I plan to stay in this house forever, but I only wanted to put in $125K. FHA consultant came in..... said, to bring the house up to FHA code will be close to $100K. I'm so sad right now. I don't want to give up this house.

I should have done better homework.  Would you purchase a huge house with the hopes you would do a complete renovation or should I just walk away.  It needs all new systems, structural work, etc.   SAD FACE!   2/3 of an acre.  What would you do?  Do you think another contractor would say the same.

https://www.zillow.com/homedetails/2612-Talbot-Rd-Baltimore-MD-21216/36628111_zpid/