Should I walk away from this deal - Structural Issue

[Joanne Peng]

Hi, I am a newbie here. And this is my first post.

Just started the journey of property investment. Saw a house online yesterday and made an offer today! It is contingent on a 30-day feasibility study due to foundation issue. Please help me to evaluate if is worth the work. Here is the data:

2br1ba house  (1400sqf) in a wooded area where people in surrounding cities like to get-away. Relative comp is $200k. The house is priced at $100k. There are serious foundation issues (will post pictures later). It is on pier-and-beam foundation, the piers are not straight, the planks are falling off, even some of the insulation is coming off. Wood sidings start to come off and need replacement. Roof is metal, looks ok. Inside, there is no HVAC, only a stove and window unit, which might not even work. In addition to cosmetic work, looks like there are leaking issues as well.

For the above listed things, why do I still want to buy? First of all, the architecture of the house is beautiful and unique, in my opinion. Very much an artist loft type of feeling. I plan to rent it out as Airbnb, with nightly rate of $150. I think it is going to generate an average of $1500 cash flow every month. 

I need help with estimate of the rehab cost. And what do you think is an idea price to buy. My offer is at listing price (might negotiate later) with contingency of the seller to pay for a structure engineer.

Thanks for any help.