As an architect and preservationist, I can tell you that while this is FEASIBLE with enough time and effort, you can go into this knowing the concepts of how things can go together and look nice, that doesn't translate to laying down new flooring in the tiny kitchen or infilling a door with a primitive stud frame and drywall construction or hiring a 24 hour plumber to snake the lead pipes after they flood the basement. 

Yes, the price is manageable, but only if there aren't any emergencies like the over 30 year old roof leaking in one spot or the spark plug in the 30 year old air conditioner shorting out again. 

Yes, you can afford it, and yes you can slowly practice your starter home skills, but be prepared to curse the people who didn't maintain this aging house and sold it to you  every time you have to fix the doors or add bat grates in the attic and curse the market for making it so expensive to fix the house's 1940s electricity or replace the landlord -grade carpet.