I would go through it with your own expert. Whether the bank will finance it for you is questionable, because the property in this location can never be worth the money you put into it. When it is finished, you will certainly have invested 180,000 plus property transfer tax, notary fees, etc., and you would never get this money back when selling. You can see this from the current seller. He can’t sell it and surely has to at least recoup what he has invested so far. That’s why he is now coming towards you. You have to be clear about that as well. If something were to happen, you would be deep in the red. So, it has to be a property where you want to stay, and nothing like a mishap (illness, death, divorce, etc.) should happen. I also find such properties incredibly great, but you have to weigh it very carefully. A lot has already been done, so at least you don’t have to plan for some trades in the next decades. So my tip: take an expert with you, look very closely, weigh everything carefully, etc. Just think very carefully about it. If it is your dream, the location suits you, etc.—then it can also be the right decision. We personally needed the security to be able to sell our house quickly and without loss at any time if necessary. Because it’s simply about so much money. But everyone’s mindset is different.
Friends of ours bought a small half-timbered house in a similarly poor location for around €20,000 and have been renovating it themselves for 8 years because they couldn’t take out that much credit. But they are happy with it, and that’s what counts. But even they would never have the chance to recover even a fraction of what they have invested if they sold. Rather, they would have to be happy if they could even get rid of it at all.