AND: my wife's family is here and we would have a good network to help us get started.2nd choice: Northern or Central NJ -- many of our closest friends live in the NY/NJ/Philly area, I spent 7 years living in NJ and the proximity of NYC makes NJ a really attractive place for us to live.

It's mostly a tourist attraction due to the historical significance.

Even-though it isn't the most attractive, Black Letters on Yellow Background get the most attention.

Make your offer as attractive as possible.  

When the market tiers off you do not want to be caught with your pants down with a property that has deferred maintenance, old countertops and outdated cabinets, stained and tired flooring and little attraction. 

there's pros and cons to everything in life; overcome to power lines with attractive items of the house and/or adjust the price accordingly.

I have also thought about filling in the pool and planting grass in the courtyard to save that expense, but not sure how popular the pool is for attracting tenants.  

@Logan Allec Thanks for the input, definitely looks very attractive on paper!

If the interest rate is attractive (most are at least 6 times CD rates unless they've been bought down), and the property is worth acquiring it may be worth rolling the dice.Good Luck!

There are a number of negotiating points (other than your concept in general) that would increase your attractiveness as a tenant including length of term, tenant improvement allowance, guarantees, and so on.