Why would you ever get Tranquil bots on hero with 15/30/60 base regen?
Why would you ever get Vanguard on any hero other than axe?
What's the point of getting Radiance, if you first intend to dump (at least) 4400 gold in other items?
Do you really, really think phase boots and BoT are so bad that they aren't even worth mentioning?
Where's ganking Concoction Spray Medallion Alchemist?
If you're going for cheap core like MoM Armlet, then why HoM at all?
TBH I'd advocate phase medallion core, and start ganking once you hit lvl6. If you know the trick with keeping your mana regen increased outside ultimate, you'll have little mana issues. Forget about early greed, it's not effetive if you don't get freefarm (if you have supports securing it for you AND stacking jungle, that's another story). Maxed concoction is a 4 second stun, couple what with -12 armor, and it becomes lethal.
Maths!
Imagine youre ganking 6 armor hero. Pretty common for that stage of game.
Armor of 6 reduces physical damage taken by 25%, so opponent woul only take 75% of damage.
Reducing armor by 12 drops it to -6, at which point it becomes -31%, thus opponene takes 131% of damage.
131/75 ~= 175% which means 75% relative damage increase. Neat.
And as a bonus, concoction deals physical damge as well. If you quickly drop spray and use medallion before concoction hits, it gets amplified as well. Maxed concoction against -6 armor deals 471 damage (Lvl 1 finger of death deals 450 after reductions).
Obvious extenstion would be Lothar or Dagger, depending on playstyle. You're not a carry yourself, you're paving the way for some real dps. And draw lots of attention (alchemist has huge model
)