Is a $750k investment property too much for us?

[Zak K.]

TLDR: $750k house in best part of town on a $140k single person salary, with a $2500 mother-in-law suit and 2 extra airbnb rooms.  Am I stretching myself too thin?

We currently have $100k equity in an up and coming part of town (read fast growth, but still sketchy) where my wife and I live with our 1 year old daughter.  We recently found a deal for a $750k 4/2 with a 2/1 separate building on the property.  This property is in the BEST spot for our city (also going up in value due to expansion from the downtown of our city), 3/2 are going for $650 and some newer homes are 1.5 million.  Great schools, young families, right by the park, etc.  Home just need cosmetic updates to old cabinets, etc.

Rent for the 2/1 could easily get $2500.   My income is $140k gross (software engineer), my wife currently stays at home with our child, but could go bring in $30k-$40k if needed.

My question is if we put the $150k down (with $100k via a HELOC), rent out the back, and do some airbnb ($100-$150 in the area) with the extra rooms in the main house. We would end up paying around $1500 monthly after renting (rough calculations).

Are we stretching ourselves too thin?