First deal needing major renovation: proceed or terminate the contract?

[Mary Pastoral]

Hi, so far the properties we have bought in the past only needed under 15k in repairs. This will be our first property that would need major repairs. 

Up (2 bed/ 1 bath)  and down (1 bed/1 bath) duplex located in a B-/C+ neighborhood in Cincinnati

Purchase price: 147,500

Estimated cost of rehab: 38,050

ARV 215,000

Rent-income: 2,045/month

COC ROI: 7.75%

My hesitations:

1.  It's a 2 car driveway but it will be very tight for two cars. So solution will be rent the garage to upstairs tenant and street parkin for downstairs tenant. It's along a relatively busy street that does not allow street parking, so tenant would need to park in a nearby side street.

2. It was built in 1910. So there may be more repairs needed in the coming years that are not covered by the initial 38,050 repair budget.

Does this sound like a good deal, or should we terminate the contract? Thank you all!