Right. Help needed before I approach DH about a property for the nth time and get the usual despairing response

I'm becoming slightly obsessed with a house we viewed recently but put aside as we're not yet in the best financial position to move. We've got a rather small search area, so we occasionally view to keep an eye on the market and see what's out there.
It's a doer-upper - needs all new windows, new central heating, probably re-wiring and all new decor.
However, it's got loads of space - the upstairs is vast and very adaptable - it's even got room for the music studio/rehearsal space DH yearns for. We really liked it because it was 70s and quirky and quite 'us'.
But as I say - we're currently rather skint - however I'm just about to start a new job which will hopefully increase our monthly income by (I think) about 50%. And we have a good deal of equity in this house and a comparatively small mortgage.
It's price is currently ok, but I reckon it'll come down - and in fact I noticed tonight it's already dropped by 10 000 - this is why I'm having a dilemma!
Would this be a good deal? Or a total money pit? Do we take the plunge at this point when our income's just about to improve - or will we not see the benefit of another salary because it'll all go on a new house?? Should I be trying to convince DH this is The One or should I just hold my horses? I reckon to buy the same size of house already 'done' would definitely be out of our price range - we'd be looking at a massive morgage increase.
If anyone's had a similar experience or got good advice, I'm ready to hear it! I'll give some figures too if it'll help. WWYD?