Pros are the pleasure of doing it yourself and loving what you have done. Older homes have so much character and beauty and you will have the pride of ownership.

Cons are it could cost you much more than you expect. It might take more time than you expect and with older homes things are constantly breaking down if the house was not well maintained. If you are doing an accurate restoration it might take time to find replacement parts. If the house is in complete disrepair you could actually be rebuilding the house. To me it's too much of an expense, but you are not me. Whatever your decision, I wish you luck.