[turbo6bar]

The wheels are falling off the bus right NOW. Median existing home prices are flat to falling. If you are compelled to buy now, grab the best quality in the best area. You might not lose your shirt in a falling market. Or, grab the split-level you desire, renovate to your idea of perfection and stay there for 10+ years (making you immune to housing cycles).

I will admit the property you describe does have potential. It is just a matter of getting it at the right price. Bid low and bid often.
I wish you the best luck,
jurgen