heritage house in rural Yukon, Canada

[James Brown]

Could you guys give me some opinions on this house? It's a 3 bed 1 bath (the living room could potentially be used as a 4th) with a bachelor suite attached to the back. There is also a large barn on the property that could be rented as storage or eventually renovated into another suite entirely.

I'm getting a LOT of negative feedback from friends and family since it's an old house, built around 1902. I have done two walkthroughs with the realtor and a contractor and I have a decent list of issues that need to be fixed, some structural, some cosmetic.

My main concern is that I buy this house and end up spending several times more than what I budgeted for repairs. I just can't get the opportunity out of my head because it seems like the house has tons of potential. The vacancy rate in my town, according to official statistics, is close to 0% as there is a housing crisis here currently, so I'm not worried about it renting, just worried about repair costs. This would be my first deal so I don't really want to dive in over my head on the first go.

They're asking $212k, but the house has been sitting on the MLS for almost 3 years and they've dropped the price down from $295k. I'd probably offer around $160k, as per the 70% rule. I feel like I've been a little generous on the analysis, but there's lots of room to decrease the ROI.

Analysis:

https://www.biggerpockets.com/brrrr-calc/179198.pd...

Thanks!