is a 203k loan possible with this property?

All 203k's start with having a solid Lender in your corner, and a HUD Consultant on board.  After meeting with the HUD consultant a critical path is determined for the scope of work, minimum repairs required, lifecycle material concepts, and the caliber of contractor required to close the loan.  Most Streamline 203k's jump into a Full K once a little creativity is employed - so be careful.  And anything structural - from subfloor alteration to moving an interior partition wall- it will be a Full 203(k). 
Streamline 203k's often put first time buyers into a position of managing renovation work that they are not familiar with - nor have time to watch and manage.  A nice bonus to a Full 203k loan is that the HUD Consultant is present, so you are not alone with the contractor, and that the parameters of the loan let you dream more.
Do some research on 203k in your area, and touch base with all the local pro's that come up high in ratings.

203K Loans are possible with almost any property. If we can't do it 203K then we can go Fannie Mae Homestyle