Beginner Investor - Bad Deal?

[Alex Merkel]

I have been on the sidelines for years and finally I think I have the opportunity to get in the game. I am really scared of losing everything.

I have a deal found in Temple TX

Subject to creative financing. $16k entry cost plus closing costs.

I have 20k saved in cash

$83,000 pp 2bed 1bath 950sqft. **PITI is $522 a month (2%interest rate)** Actually cosmetically ready for renters and appears fixed up.
On the inspection report the plumbing failed and it mentioned shifting soil in the foundation report. 

Good deal or pass? My thoughts are $522 piti is amazing and rents are $1000 a month. Not going to eat any cash flow and put any surplus into the house.

I appreciate any thoughts and insights!