Curious to know:1.

If anyone has done this successfully please let me know.

What is it that the wealthy do, that I do not know?

Do you have the money to have an electrician rewire the house to modern standards maybe 3000 to $5000 cash, maybe more- maybe you could ask  if they could do it on a credit card--I don't know?

Obviously there's a lot I don't know about your deal, but using napkin math and your figures, Id go for it - I think $1600-1800/month is realistic depending on the area at that valuation (just guesstimating the neighborhood quality based on ARV).

I know you're over budget but you might want to stage it a little - even with stuff from home if a stager isn't an option.

Maybe one of the tenants has a vindictive neighbor/ex and he doesn't even know it.

No one really knows what goes on behind closed doors as they say.

Let me know please I am getting a lot of running around. 

You want an accountant who can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.Good luck.