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!