Water Damage disclosed during inspection period, should I worry?

[Jason Scarpati]

I just went into contract to buy a new primary residence, and I will turn my current home into a rental.  The home is a single story townhouse in Phoenix, built in 1969.  During the inspection period it was disclosed that a water pipe bursts in the living room last year causing over $15,000 in damage.  I am told the damage was fixed by a professional, with receipts of work completed available.  I will be doing my home inspection in 2 days.  Assuming it passes the inspection, and the work completed is verified, should I be concerned or cautious with continuing with this deal?  Are there other issues I should look out for?