First Purchase Advice

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Hi All, I'm new to the site and new to real estate investing....

I'm currently in contract for my first investment property and it's a multifamily home.  Just had my home inspection and we found out that the owner was paying for the water/sewer/hot water for both units.  Also, several issues came up with insect damage and a sagging main beam and appliances that are end of life.  After doing a bit more research the property doesn't have the positive cash flow I thought it would, only about 50 a month after figuring in the utilities and possible repair costs...

Should i walk away? Should I negotiate the price?  How complex is it to have another water meter installed? Any feedback or comments are welcome...