Buying duplex constructed in 1899 from out of state

[Emmett Burton]

I’m just starting out and trying to acquire my first property. I live in Charlotte and the numbers just don’t make sense out here so I’ve looked out of state.

I think I've located a duplex built in 1899 in a bigger city in Wisconsin that my parents live in so I know the area fairly well. The duplex is fully occupied with rents that are above what I was expecting. I did a virtual walk through with a reputable realtor and she said it looks to be in good condition with new floors and nothing cosmetic that seems to be terribly dated. Even using conservative estimates that assume expenses will be 50% of gross income, the property seems to cash flow. Additionally, this looks like a very attractive BRRRR given the price point and small touch ups that can be done. Are there things I'm not factoring in here? I've been doing a lot of research and reading a lot, but I want to avoid the proverbial analysis paralysis. This looks like it could be too good to be true — caveat emptor.

I know the first investment is more about getting into the game than finding the perfect property, but any suggestions would be much appreciated!

Emmett