Help deciding if this investment is right for a newbie.

[Stephanie Schredder]

Hello Friends,

A little background about me: I am extremely green to real estate investment but I do have a few years behind me as an Associate Broker in the state of Maine. 

A little about the property I am considering for purchase: 

Located in a downtown area that is showing signs of a resurgence right next to a river; The building has 5 units and a retail space in the bottom. It is obvious that massive renovations need to be done; possible asbestos and lead paint, definite electrical work needed, needs a new roof, needs a new floor on the bottom level, needs the plumbing fixed, etc. 

Is this too much to take on for a first investment? I have a part-time day job.

Aside from the issues I love the thought of rehabilitating this building and the location and culture that surround the area. 

Do I just have stars in my eyes? The cost has been reduced by 90k but it should be reduced another 100k to match what I think appraisal would be. 

Any thoughts or suggestions would be greatly appreciated.

Best,

Stephanie