Due diligence revealing some (potentially) major issues

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Hi everyone!

I could really use some advice/insight as I am new to real estate investing and am currently dealing with some issues regarding the purchase of my second property.

I'm currently under contract with a 3 family property in Jersey City Heights. This deal is a rare find and appears to be a great opportunity. The property contains one duplex and one (carriage house) in the backyard, which is essentially single family house the size of the duplex itself. Both were listed for the price of other duplexes / triplexes in the area. I couldn't believe it when I saw it. Both houses were completely renovated in the last 4 years (interior, siding, appliances, HVAC). The units are fully occupied, paying below market rent. With today's income and expenses, the house does cash flow but not great. The plan is to increase rents to market value after purchase, which would give me a decent return. Additionally, the Heights is already changing over rapidly and expected to be the next up and coming part of JC to appreciate strongly. All of these factors together make this deal seem great.

However, the houses are very old. Particularly the duplex which was built in 1870. Because of the recent renovations, I didn't really know what to expect from the inspection. The property is being sold "as-is" although I'm getting to the point where I may need to negotiate further. There are a lot of minor issues that aren't as urgent, but the main problem is the flat roof on the duplex most likely needs replacement. Still waiting on the report from the roofing contractor, but it seems like its going to be a $15-20k expense that must be taken care of. I plan on negotiating with the seller to see what happens. The other main issue is the main water supply line is a lead pipe to the front house, and most likely to the back house as well. The inspector did not note that is an item for concern. Although I'm aware this is common for old houses, this really concerns me. Especially since I plan on occupying one unit. If I don't feel comfortable living with a lead pipe, I can't imagine tenants would.

I guess my main question is:

1. How concerned should I be with the lead pipe? I plan on getting the water tested for lead this week, but even if it's clear I'll still be concerned about future issues. The replacement of this would be a huge expense for me.

This seems like a great deal that I don't want to pass up on, but I know I need to be smart here and not buy into a potential can of worms.

Thank you!