Just ran across a great blog post on 1912 Bungalow, by an obviously experienced DIYer, called "Buying A Fixer".
The advice is so sound and well phrased that I can only direct those of you contemplating such a purchase there to read it for yourselves.
Restoring a 1912 bungalow, and ALSO bringing it into the 21st Century at the same time, is a admirable thing to do for a young couple just starting out in life.
...And then there are the BAD days:
I publicly confess that I have resentful feelings towards the house for the first time. I think I used the word "hate." And, in certain moments I do hate the house. There, I said it again. We are at an odd point in our restoration experience. The honeymoon period with the house is definitely over."