Is a house built in 1840 even worth looking at?

[Christopher Kaflik]

Motivated seller is trying to get rid of a property that is in pretty dire condition.

It definitely needs a complete gut job. New roof, porch, everything. The only issue is it was built in 1840. Would it even make sense to go for a place like this? 

It has potential as a cash flow cow as it has 5 bedrooms and is minutes away from a major college.

251k ARV

It's 2500 square ft to give you an idea of how much work would have to be done. Two stories with a basement.

Who knows if you tear it down to the studs if those would have to be replaced as well. Probably not up to code either, I haven't seen the place physically yet as I am not even sure it's worth looking at.

Offer / Or run?