My brother just did this. He bought a 1907 house that had carpet laid over nice hardwood floors with cosmetic damage, had some poorly done remodelling, and needed paint. He refinished the floors, tore out a couple walls, and added some new ones to reconfigure existing space, replaced some lights and plumbing fixtures with period correct pieces, totally redid the kitchen, and painted the whole thing. The results are beautiful.
Here it is:
www.4526-se-kelly.com