Need advice on a purchase

[David James]

I did a walkthrough yesterday of a 1948 SFH. 3bdr 1bath 1508sq ft. Hardwood floors throughout, just needs to be restained. Cosmetic repairs of walls. Kitchen needs to be renovated. The roof has a tarp over it and there is water damage to a couple ceiling areas. The estimate for the roof replacement was around 10k. Downside is that there are a few unknowns. For instance, the house has been winterized so the water was off. Another reason the water is off is because the tub/shower in the only bathroom. So therefore, I cant tell if the sewer, water, well, and plumbing are all working. The heat was also turned off, it is oil heat. The electrical panel looked old so it may need to be replaced. So with all of that said, would it be worth it to get a home inspection done? Will they be able to check the water, well, and the heat? I would have a sewer scope done before I buy. Being an older home im pretty sure there will be something wrong with the plumbing, septic, well....etc. I am using a VA Rehab loan and I believe there is a cap for the amount of rehab. Also, being a VA loan, it has to be my primary residence for a year. After that time I would rent it out. This house does have good potential. I would put in another bathroom, it is in the path of progression, it is zoned for commercial/residential. The comps are about 50-100k profit that I could make. I am trying to not get caught up in the emotion because I see the potential of the property. I just dont have a warm and fuzzy about buying something and not knowing if big ticket items actually work.