Buy it now, unless you plan on dramatically increasing your income in the future.
Although I hear the Market right now is expensive, and it's going to come down a bit. I was just talking about this last night. My friend bought her house for about 140,000, then with the new rooms it was about 170,000 about...7 years ago? Now it's worth half a mil.
So, you can repair that thing for the rest of your life when you have some extra cash, and may be able to rent it out as well - I say look at the market trends and try to buy it.
By that I mean unless it is way overpriced right now (which is possible).