Buying first home

[Darrell A.]

My wife and I had our offer accepted for $370K in Union, NJ. The comps in the area are b/w $360K - $410. So, we think we got a fairly good deal. The house is a little over 2000 sq ft, newer roof (less than 5 yrs), newer windows (less than 5 yrs), 12 yr old water heater, multizone heat (1 year old furnace), forced air AC ( approx 1 yr), living room, family room, unfinished BS, 4 beds and 2.5 baths. We'd like to keep it as our primary residence, put some money into it, and resell it in a year or two.

So, we just got our inspection done today. The homeowner appears to be doing most of the work on the house. The wiring for the furnace is, meh. (I'm anal about wiring. I'm in IT networking field.) There are multiple electrical panels. Found random gas lines not capped off. And the owner attempting to replace the kitchen counter top.

We want to stain the wood floors (living and dining room and stairs), add crown molding, replace flooring (kitchen and family room), and redo the master bathroom to start (approx $14K quoted from the contractor).

We're now getting cold feet. We could purchase other homes will nothing to do for approx. $400K. What should we do!?!!? So money/mortgage is not the concern. The main (or my wife's) concern is is this a good deal. What other things should we be considering?