First Purchase! Need Some Help

[Joel Wall]

Hey guys, I am just starting in the REI world.

This will be my first buy as a rental property and I wanted to get y'all thoughts on this and what I should potentially look out for.

This house is a foreclosure, it has a renter currently in it, and looks like it will need repairs.

I did the rental calculator on bigger pockets and this is what it is telling me:

I put in that the house will need 10k of repairs... I am not sure how much it will cost because I haven't got an inspector to the property yet.

Couple quick questions:

1 - What is the first thing I should look for as a red flag?

2 - How much does an inspection for a house around 1000 sqft cost?

Thanks in advance for your time guys!
- Joel