Potential BRRR in the true north- Need some perspective

[James Brown]

Hi all, I've been looking at a house in the northern Yukon as a potential rental property / house hack, but this would be my first house purchase and I'm having a hard time convincing myself it's worth pursuing.

The house is a "heritage home" which means it was likely built around 1898-1902. It's a 4-bedroom, 864 sq ft with 1 bath. It also has a separate ~400 sq ft studio suite in the back that my partner and I would live in and eventually rent out. There is also a HUGE barn in the back that could be cleaned up and rented as storage space. There are government grants up here for heritage homes that can range from $7000-10000. This house would probably be eligible for at least two.

Obviously, the house needs a lot of rehab, and as a new investor I am not good at estimating rehab costs. As far as I can tell from my first walkthrough, the house needs ~5 new windows, the studio needs new insulation, parts of the exterior flashing need to be fixed, the roof eventually needs to be replaced (up here the norm is tin skirts). Also the bathroom needs to be redone as the tub has sunk and part of the floor is sinking.

Asking price is $212,000. This has been dropped from 239,000 since it has been on the market. The house is currently vacant and the owners don't live in the area. Comps in the area are ranging from 230,000 - 275,000. 

I fee confident I could rent the 4 bedrooms for about $2250 a month. We'd live in the studio for less than a year, and then that would rent for another ~$700. The barn could probably rent as storage for $200. 

Can you guys give me some advice on this deal? Is it worth looking into? How can I best estimate the cost of repair? What would you offer, if anything? Thanks a ton! Please let me know if any more info is needed.