What to do after this inspection?

[Alex Martens]

Hi BP community,

I'm hoping some of you can give some input...I am all set to close on my first SFR in Jacksonville, NC. I live in NY right now so buying my first property out of state was definitely intimidating but manageable. Long story short, the house was listed at 105K and my offer was accepted at 100K (which honestly I think was probably too high of an offer). I just got the inspection report back and I called my grandfather who happens to work for the same company, just in NY, to get his input. Our concerns were as follows:

1) Heat and A/C are 22 years old and will need to be replaced almost immediately.

2) From photos, it looks like there are some trails from termites...nothing mentioned about it though on the report so maybe they're old trails.

3) Exhaust fan from bathroom not ventilated properly, which I know isn't a huge deal.

4) All of the piping is galvanized steal and definitely rusting, so will have to be replaced at some point...not too sure when though

5) Is is only a 60 amp breaker panel so I believe the electric would have to be updated, as well as run grounding wire to the outlets.

I'm deciding what my strategy should be seeing that I'm already stretching the budget (not unsafely) just to cover the down payment and closing costs. So I wont have enough cash to address all of those issues. Do you all think I should negotiate my offer significantly lower to balance out the cost of all these issues? Or would it be more responsible to back out of the deal and look for a better property? Honestly I kind of feel like an idiot because if I asked my agent the right questions I could have noticed some of these issues before even putting an offer in, but it is what it is now. Thank everyone!

Alex