Overhanging second floors are a typical feature of Garrison Colonials.
http://www.midcenturyhomestyle.com/styles/garrison.htm
Early colonials didn't have porticos - and moving the front wall out would entail all new foundation work at the front of the house - so no, it's not affordable and won't get you enough extra space where you'd see any return on your money spent.
IMO, if this isn't the type of house you want - Don't buy it.