Found a renovation project in Peckham — worth the risk?

This one needs a LOT of work but the location is brilliant and it's priced to reflect the condition. 2-bed Victorian conversion, ground floor with garden. The photos make it look pretty rough but structurally it seems sound.

Been quoted £40-50k for a full refurb by two different builders. At the asking price + refurb it would still be £80k below comparable done-up flats on the same street.

Is this a no-brainer or am I being naive about renovation costs?