Inspection Freaked Me out - Am I making a mistake?

[Emily Jones]

Hi BP members / team! My husband and I decided that we want to start REI with a house hack. We finally found a duplex that was a perfect mix of the right price, medium taxes and a decent neighborhood. We walked through and put in an offer the first 24 hours it was on the market and just beat out another offer - after 8 months of frustration we finally have a property under contract.

Today we had the duplex inspected and honestly it freaked me out. The inspector laid out several issues that while we were walking through the property seemed minor (if necessary) and upon reading his report this evening now seem more like emergencies and huge repairs. 

The property is being sold "as is" but needs a new water heater, has some exposed wiring, a cracked chimney crown, water damage in the basement, a leak in the bathroom, and possible mold. This is my first experience in REI and the first inspection I've ever done. Am I panicking for no reason?

My husband and I have no idea what we're doing and I suppose I'm looking for some experienced investors to give some advice. Does this sound like too much for first timers?