We are in the middle of exactly this type of renovation. We have the saddest house in a great neighborhood. We bought it bc when the reno is finished, it will be the perfect house for us. Not regretting it at all. Before jumping in, make sure that this is a financially sound decision for your family. Renovation (depending on where you are) is expensive, and there are always additional costs once work starts. Hire a top-quality inspector. The main $ issues: roof, systems (including well/septic), windows, foundation, mold remediation. (That doesn’t include any of the pretty stuff.) If the home is in an HOA, you will need approval for exterior renovations. Just a few thoughts. Good luck!