1st Rental Purchase, Fixer Upper, Do I Buy It?

[Dan Barman]

Looking at purchasing my 1st rental property, a single family 3/4 BR, 2 BA in a hot area of NY's Hudson Valley. Older 2 story home (1900) with some updates. Looks good on the outside but inside it's a MAJOR fixer-upper, slanted floors, former tenants evicted and likely trashed the place before they left. Kitchen/Dining room looks great though and house is located on an amazing, quiet, family friendly block near center of town + has great back yard with deck (needs rebuild) & detached workshop/artists' studio (has elec, needs insulation & new floor). Bedrooms are a bit small and no in-room closets (large hall closets and attic storage however), one bedroom is a walk-through. Looks like damage is mostly cosmetic, house probably has good bones but won't know for sure until after inspection. 

Asking price is about 2/3 of what houses like this in good condition go for in this area. Have run it through the BP rental calculator with conservative, medium and liberal scenarios and it looks like the property would cashflow between $450-$1,000 / mo.

I live about 1.5 hours drive south but have help from friends/realtors who live nearby. I'm hesitant to make an offer because it's such a fixer-upper / project and am wondering if I'm biting off more than I can chew for my first purchase, but when even my most conservative scenario has a monthly cash flow of $450, it's hard to not consider. This house could also be a flip but I have not looked at that scenario in detail. 

Any advice would be much appreciated. Are there things I may not be thinking about that I should be? 

Thanks!