We aren't planning on moving, but we also don't want to live forever doing things and a bit at a time and then starting again fro the start 10 years later :D not that we would. However, What the plan is, is to be able to add enough value to it in the first phase of renovations so that we can get it reevaluated to get an extension for phase two, which would then complete it and add more value again.
The area is good, close to stuff including schools and shopping and there is a park across the road that Smallsteps can smoke at when she is a teen - though by then, she will need a loan to buy cigarettes anyway :)
We can live there comfortably for a long time I think.
Sounds like you got a plan, no wonder you're not scared ;D