Is the high cash investment worth it for potential returns? New investor here

[Bethany Young]

I'm looking to purchase a 100 year old triplex that needs a good 50K+ in repairs and updates (I'm still getting contractors out for more estimates and will be doing some of the work myself). Purchase price is $60K and estimated ARV is potentially 200-300K. Rents per unit are about 1K for long term tenants, although I'm likely to do STR or at least a combination of the two. I've ran numbers and all the numbers have been in my favor, but I don't know if I'm missing something. It's a lot of cash investment in rehab and this will be my first investment only property. I've only done house hacking so far at this point.

Please let me know the good, bad, and the ugly. Any advice is appreciated. Thank you!

[Evan Polaski]

@Bethany Young, I am going to echo others sentiment: the price implies a crappy area (maybe I am wrong) OR a MAJOR renovation.  

If a crappy area, I would not try to STR it, since you will likely be getting people who want a CHEAP place to stay. And while there are good guests/tenants at all price points, the averages tend to be that lower price = harder on property.

If good area, the price implies major renovations, in which case, I would think you are looking at well over $100k rehab.  Nice area = nicer finishes.  Plus all the necessary stuff, like plumbing and electrical, roof and gutters, all the things that a 100 yr old house is likely to need, unless recently handled.  Then you have three kitchens and at least 3 bathrooms, which kitchens will likely be 10k+ (nice finishes will likely be 20k+, each) and bathrooms are going to be 8k each.