Home Inspection Complete, need opinions

[Joe P.]

Hi all - I am about to embark on my first (true) rental property. I went under contract on an as-is duplex in Gloucester City, NJ at what I feel is about 10-15% below market value with the intent to buy and hold, renting out for cash flow.

I had an inspection done and I have some concerns from it. While its hard to get a sense from someone typing concerns, some of the findings include:

• Visible water in property basement on back wall
• First floor bathroom immediately above this back wall - it was an addition put on the property after it was built, and it seems like it may have either foundation or connectivity issues with the original house.
• Temporary Lally columns added in the basement and not secured with concrete footers -- the seller indicated the property was a laundromat and those were put in to help with the additional weight of the laundromat but the property has long since converted to residential.

• The boiler pressure regulators and backflow preventers are missing in the basement

I should mention I'm not that handy and items like this would be contractor-based, anyway. I'm just trying to decide if I walk away, or bring in my contractor to estimate repairs.

I think most properties in my area are older and they all come with problems. The lally columns and the bath bathroom concern me enough to walk away, but I'm curious what other buy and hold investors have encountered and what they stick through (or walk away from).