170k price, analyze this deal please

[Colby Osborne]

Here's the basis, 

170k purchase price. It's a 1906 2-story, very old house with updated electrical, and includes an unfinished basement.it's location is right next to a college campus.  It's in pretty bad shape condition wise (cracks in plaster, leaks around chimney stack, etc). It is currently rented out for 1750$/mth as 5 bedrooms who don't pay utilities ( I guess the students don't mind the condition) . It could possibly be 6bdrms with adding a closet in one room. The renters are on month to month. I have a property manager who would sign them to year long and they pay their own utilities, so there a chance they wouldn't renew under those conditions. 

The basement has outside access and could be finished out as three more separate units which could increase the income another 1000 easily, more like 1200. 

I'm very scared to pull the trigger on this (it would be my second property) because of the condition of the house. It's basically the house I rented from while I was in college and I think it would be rented. 

Please somebody help me with your take on what I've described.