Newsflash: Buying the Worst House on the Block

We’re currently passively looking for a new house, not an immediate need (for now) but the area we’re looking at has very low inventory so just trying to be ready to move when we find the house. We’re looking for this to be our home for the next 20-30 years so want to get it right. Well, we found a house – might be the house – but there are a few concerns. As the title states, it’s pretty much the worst house on the block. It’s owned by an older couple who’ve lived there for nearly 30 years and have done zero updates and likely very minimal repairs. I priced it out from what I can tell so far and the house will likely need between $200-500K over the next 5-10 years in repairs/updates to make this the house we love. Pricing really just depends on what we find when we start with the updates and repairs. A comparable (smaller) house next door that was more updated just sold for $1.14 million. The house we’re interested in is on the market for $780K, but is sold as-is so I feel we could get it for lower. I am very handy so feel ok tackling this by myself (with some professional help) but am still nervous. But the sweat-equity is a huge appeal.Updates and repairs:Refinish floorsKitchen remodelBathroom remodel (3) Fix water damage Add A/CPaint throughoutFence/outdoor landscaping All new windows Paint Misc. wall and ceiling patching The benefit is that the layout is great, so we’d be moving maybe two walls to get exactly what we’d want, it’s a huge house, great neighborhood, fantastic schools, etc. IDK – worth it?