Have a look at some photos here:
http://www.sendspace.com/file/qxv9o1
There are occupants in both cottages and in the main house. So yes, its liveable. Asking R1.75m, I dont think it is worth nearly that. Also not sure about the area - it is a bit close to the randburg cbd, and at the end of the road is a small office park.
Precast walls needs work looks like tree roots are pushing them up.
Thatch needs replacement (or rather replace with harvey tiles, own opinion I hate thatch)
Green pool needs a bucket of chlorine
Barge boards + tiles needs attention (think you are in luck that tile should still be made)
Junk in a corner is not a problem, hire a skip and pile the rubbish in.
Roof on veranda needs attention seem there is a lot of leaks above one of the support beams
Horrible red carpet but look past it.
Seems there is a slate floor underneath the red carpet ?
Anthracite stove if it works is pretty nice.
Does that laminate flooring in the workroom creak a lot when walking on it ?
Both bathrooms were redone a while ago (age of house and style of bathroom fitting)
Wires running along the walls (why not just do a neat job and put it in the ceiling

)
Sink roof on granny flat (major turnoff for me)
One thing that does concern me is water problems, look at P1000649.jpg, that is how it should be right around the house, not look at the following
P1000640.jpg, P1000635.jpg, P1000628.jpg, if water stands there you are going to have water damp problems.
P1000638.jpg looks like there was an addition to the house and that is why the weird shape of the roof in the background. Also have wood rot in support beam in front of the picture, seems they do not clean the gutters and then whole summer water drips on the wood and rots it. (looks like it is the kitchen washing up area)
P1000635.jpg what is going on in the lower right of the building, looks like it was re-plasterer ? and brackets for security bars was removed around the window ? why is the windowsill nearly on the ground ?
P1000626.jpg looks like tiles shifted on the roof leaving gaps, need to fix that else the wood is going to start to rot.
I also do not see the 2nd cottage ?
I would need approved municipal plans before even looking at this place any further (my gut feeling is that the veranda + cottages is not approved)
Overall if there is plans I may consider it but yes this place needs quite a bit of work, if you plan to live here for 10+ years and willing to work your butt off then yes.
Forgot to add, you did not take photos of what looks like a carport. This erf is pretty big that I love, what is the rates and taxes on this place ?