This all depends on what you hope your ROI is going to be over a given period of time. Do you plan to live in the home yourself, or do you plan on renting it out? If so, will you be carving it into multiple units? Take a look at the average rents in the area if you plan on going that route, and compare it to the mortgage/insurance/tax payments you'll be on the hook for over time.
If you plan on being an owner-occupant, how much are you paying in rent now vs. the payments for mortgages, utilities, taxes, etc. on the new house once it's been renovated? If the amount is significantly higher, will the amenities in the Kensington house make up for the extra monies paid in your mind?
With that said, I can think of several properties in/near Old Kensington and beyond of similar size - that would require far less in renovations, if you're just aiming to carve it into rentals/make it habitable - for far less than the totals you've cited. Feel free to call/email me if you'd like me to send you a list!
Keller Williams - Center City Realty