The answer is always, "yes it can be done", but at what expense?
You've stated that you love this home, with the necessary upgrades. If you loving the home is truly contingent on them, I think you should adjust your strategy.
There are good options for "Buy and Renovate" mortgages out there - including the FHA 203k and Fannie Mae Homestyle programs. Here's a good link with info on these loan types: http://www.interest.com/fha-loans/news/finance-fixer-upper/
You'll be banking on the fact that the seller will work with you. You'll need to hire a good general contractor to bid the renovation and you'll need appraisals at current value and post-renovation value.
Of course it's possible that all said and done, the cost to upgrade will exceed the loan to value threshold and it won't work out. If the seller is looking for a quick sale and has other offers, they probably won't bite. But, if it all comes together, you may just get your dream home exactly how you want it at a price that you can afford.