Happy Holidays BWS1,
Before making the desition of hosting inhouse think about this:
1) You will only have 1 internet connection on your server, that means if that connection goes down your whole site will go down. Most of datacenters have a lot of connections to the internet IE. EV1Servers has 19 Gigabit connections.
2) The speed of a T1 is not always enough.
3) Any technical problems will have to be fix by your tech guys, it may take sometime to contact them and get them to fix the problem, if you have a managed solution they will take care of everything quick.
4) Make sure you have power back ups (batteries or generators) in case of a power outrage, most datacenters can keep running even if the power goes down.
5) Security can be an issue, make sure your server its on a secure place and no one has access to the actual machine.
Think about all that before making the desition, hosting in house can be good because you will have full control, but sometimes its better to let the experts do that work and you can concetrate more in marketing than the technical part.