First time deal. On the fence about this property!

[Tamyra Campbell]

Hi BP Fam,

This is my very first deal after being a renter for 10+ years in East Dallas. The property that I'm inquiring about has 3-parts to it. The main house is 1324 sq ft. The Duplex in the back, (that's currently being used as storage) is 1400 sq ft.  And the property also includes a mini guest house, that's 616 sq ft. All together the land lot is 7492 sq ft. The main house is ready to move in, the owner has added upgrades to most of the features. The mini house has a tenant that's been there for about 8 months. 

Now my main concerning is the duplex - it needs a major renovation! (Which would be ideal for my elderly mom to live in).

The owner is asking $349k. Similar houses in the neighbor are going for $320 - $390. The property was built in 1933 so it has charm and character, which appeals to my creative side. 

I'm wondering if this could be a bad first investment because the house has been on the market for several months. It's also, has dropped it's price by $27, 000 in the last few weeks; which brought it to the current $349k.

I'm going to see the property again tomorrow with a few friends who are experts in the building industry - just to make sure I'm not getting in over my head; but at this point I really admire this property. 

I know it's going to be at least a good $100k and a 1-year commitment just to get the investment property up and running completely.

Should I stay the course, and see it through and negotiate a better asking price - because of the major renovations need...or as a beginning investor, should I start with a bit smaller house? Any advice is appreciate. 

BTW...if your a real estate investor in the (Dallas 75214) area, I'm looking for mentorship as I begin my investment journey. Thanks guys!!!

Tam-