Should we buy a run down 10 bedroom ex hospital in South Australia ?

This house needs a new roof and a lot of salt damp work. The pressed metal ceilings are mouldy.Its fairly cheap, but we still need a home loan. I just need some ideas. This would mean a lot of work, but could make beautiful accommodation. Would you spend $160K approx on a 1900's old 10 bedroom part of SA's history.