My personal opinion... that is great! If, of course, assuming that the price is right and your son is ready for the work ahead.
I have some experience with homes like that. My first home for example, in Langhorne just off of 413, had wall paper (3-4 layers of it) in every room, ceiling, and even the closets. That very same home I put in a completely new kitchen, refinished the hardwood and added 2 decks! I landscaped and turned a little cinder-block box into a beautiful cottage. It was the best learning experience in Real Estate I have ever had! The home was sold a few years later at a phenomenal profit. It was a launching pad for me to move into a new construction home further into Bucks County, to Doylestown.
I mention my story because what I did years ago is exactly what so many other people do. I see opportunity right now for many people. Opportunity for the seller of the property to move on with their life free of the burden of a property that is too much for them and opportunity for someone to step in and make that very same home a healthy and positive addition to the community.
But the true answer to your question, what do we think?, is really best answered by you and your son. What does he think?
The property values are down now and if buying a home is a goal, then now is a good time. I have to add one more thing. Holland is where my mother lives right now. It is beautiful there. I love it. My favorite deli (Famous) is there and I just found the best clothing store, where else but in Holland! who would have guessed?
I am very bias. :)