First Rental Property Feedback Please

[April Birdsong]

Hi there I am a new investor at the end of my due diligence on a property in middle GA.  I need some feedback if this is a good deal or not.

2 bedroom/1 1/2 bath,  1380sq built 1960, all brick. 

Listed $175,000, Negotiated to $155,000 after inspection. 

Quote from handy Man/Contractor around $25,000 not including windows.  I am planning for $40,000 total.

Needs windows (all are original). HVAC and Water heater fairly new.  There was water found in crawl space, flooring good, but needs gutters. Roof Ok but will likely need replaced in 5 years or so.  Has original electrical work. I had plumbing line scope with no issues.

It needs to be updated for sure.  My plan is to update and convert to 3/2. Buy and Hold and use it as a rental. for $1600-$1700 per month

Comps for last 6 months in the neighborhood for 3/2 are $219,000-$289,000 for similar sq ft

I am in paralysis analysis I think. Scared that I may run into major stuff.  It seems like a decent deal when I run numbers, no great Cash flow to begin with but my plan is to hold. I am hung up on the electrical being so old.

Any thoughts are greatly appreciated as I need to make a final decision by the morning.  

April