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Go for the old house. I have a feeling less than 10% of the people in this thread have ever renovated a period property and think an old house sounds scary to try to renovate.
It's not. They actually used quality materials and actually built shit well back then, so assuming the house has been somewhat maintained, there's a very obvious reason why it's still standing 110 years later.
Plumbing, electrical are really not that difficult, and you'll find that a fair amount has had to have been updated at some point, so it won't (unless you're really unlucky) be a full replace job.
The main things to worry about foundations and load baring walls/structural supports. If you're good on those, framing, drywall, plumbing, electrical, roofing, HVAC, etc, should not cost you more than $150k even with a 10% contingency built in. You get the advantage of nice period property that has been brought up to date. New builds, unless you go all out are shit. Materials and craftsmanship are not the same as they were in those days, unless you spend serious money, which you don't have.
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