Century old property, is it worth it?

[Matthew Richardson]

My wife and I are considering investing in a home that is 150 years old.

1. Is it possible for these to be profitable?

2. How can we avoid it becoming a money pit?

3. Do normal investor metrics like the 70% ARV apply?

4. What should we budget for repairs?

5. Can properties like this appreciate or do they only depreciate at this point?

Any advice would be welcomed!