Just agreed to a $57,500 cash offer and need advice

[Frank Inman]

Not under contract yet, but pretty much a handshake, speaking with the seller's lawyer tomorrow. This place currently rents for 1050 on one side and 950 on the other. Property taxes are $5500. I do have a few concerns though, such as the value and how the property will pan out after inspection. Is it fair for me to ask for a contingency based on an appraisal and inspection? Was thinking if repairs are more than $5000 I might want to bail. I didn't notice anything when I walked through, however, the property is 80 years old, so I'm thinking a possible foundation issue.