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If the theory is you are going to save the first floor, just what are you saving:
old wiring
rodent infested insulation
old windows
the nice avocado plumbing fixtures
antique kitchen
old siding
flooring
Oh, you are saving the framing and how much a square foot will you have into it?
Might work out for you if you are willing to invest a ton of sweat equity, I'd rather do a new one than a total gut renovation.
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