Is this a good deal?

[Joshua Nowell]

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Hello BP community hope yall are having a wonderful day. They always talk about being the one to find the solution to a problem property because thats where the money is, well I found a problem prop.  A quick estimate from my contractor was in the 150k to 200k range, but just to be safe I assume 250k. I was going to be putting as much sweat equity into the place as much as I could but 250k is a safe place to start. The home is near a popular part of yonkers so it's going to see massive growth in the near future. The home is on the path of progress and will see great growth. But my lender doesn't feel safe lending to me yet (I completely understand) and I'm afraid all arrows are pointing in a different direction. 

Im not sure if this is a good idea to invest my time into and im getting mixed signals. I seriously appreciate any input as this is one of the scariest things ive ever taken up. 

Quick facts:

Asking price: 425k but im hoping to talk him down to atleast 350k. 

(Theres a log holding up the foundation beam in the basement. And its been on the market for a year and a half. So i expect its just a money pit right now.)

estimated Rehab costs: 250k(not including any sweat equity)

estimated Rehab time: 6-9 months  (To be conservative I assume 11 months)

ARV: 675k (Last comp pulled a few months back sold for 675k.)