You do realize the advice you get on the internet is exactly worth what you paid for it?
You can't ask us and expect anything but bad advice. No one knows what your financial situation actually is, nor do we know anything about the neighborhood, much less the construction of the house. In this day and age, not having a newer furnace and central air conditioning is a really big flag.
Spend some money and have a house inspection done on the house. $175k could be a good deal, or you could be stuck with a $175k white elephant.
Talk to neighbors, look in your town's tax records. Look at comps, to see what houses have sold for in the past 6 months. But most importantly, get a house inspection done from a non-interested third party inspection company. Don't use your real estate agent's inspector.
Again, remember, this advice is only as good as the money you paid for it.
Jim Smith
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