LOL, A little "character" is ok, yeah, but not like this, too much rotten wood for me, personally it should be demolished and a house started from scratch!
It is amazing how often the mistake is made, only to find huge structural issues with the older house, and then spend as much as you would to start over and do it right. Just the energy inefficiency of these leaky 2x4 structures is reason enough to warm up the bull dozer to me.
A good friend of ours loved the small house on the place she bought. When she reviewed her fixup plans with her contractor (fortunately, a personal friend as well), he said that she would be making a huge mistake, and recommended that she bin the existing house and start over, which, amazingly, she did. So she how has a delightful new home which was designed around her preferences, is exactly the right size for her, and probably cost her less in the long run than trying to keep the old structure.
And, in British Columbia at least, if you buy an old home with a buried oil tank from the oil furnace days, you can end up liable for tens of thousands of dollars in remediation costs to dig up, haul away, and incinerate all the contaminated soil, including from your neighbour's yard if it got that far. Another good friend of ours ended up being liable for ~$13,000 when a buried oil tank was found on a house that she had sold decades earlier. The only reason she got away with only 13k was that two additional owners who owned it since she did were also jointly liable. Not one of the owners were aware that there had ever been an oil tank on the property, and previous owners who must have known could not be found.
And then there is the "heritage home" designation which may tie your hands about doing work on the structure.
Oops, almost forgot - linoleum in old houses often contains asbestos. Which requires expensive removal by experts with specialized equipment.
Beware old house projects - they require serious homework to reduce a bunch of potential risks, but no matter the homework, they can still generate very expensive surprises.