New guy first deal HELP WANTED!!

[Gary Newsom]

Here is a house that may well become my first investment purchase:

http://www.zillow.com/homes/for_sale/1438-13th-ave...

I would be buying it from a friend. He bought it as a rental in 2006. Tried to manage it himself. Never did a great job from that end but the last tenants absolutely trashed it. He has rehabbed it and it is now totally redone...fresh paint, new kitchen, refreshed hardwoods, new linoleum in the kitchen, new heating/cooling sytem.

He bought it for 90K (very likely overpaid by a good bit..) in 2006. The tax value on it now is about 84K. A down and dirty price evaluation on Zillow comes up in the mid 70's. He needs about $70k to get out without any more out of pocket.

I have talked to a reputable property manager in Hickory who says she sees no problem with renting it at $800-$850/month.

My questions (and I am open to feedback on anything you see that I don't question here...) are:

1) Can someone give me a backup on that Zillow evaluation?

2) House was built in 1939...what do I have to worry about from that perspective...lead paint? Asbestos? (I will of course make a home inspection a part of the official offer)

3) You guys see anything else? I know a friend deal is sometimes not ideal and this one is definitely not a home run but it seems fairly safe for a first time investment and gets me in the game as I see it with potentially a solid "base hit" continuing the baseball analogy. Thanks in advance for your input!