Need advice and helpful tips

[Dylan Frias]

Hello everyone,

I am new investor in the real estate world. I spent all last year listening to podcasts from bigger pockets and rich dad. Now I believe I am ready to make my first purchase for my first rental property. I have an opportunity for a house now but am hesitating (due to lack of experience). The property is in Chester Pa; Delaware county. The purchase price of the home is $60,000. It is already rented for the past year ( I have the rent roll) and the agent tells me they are willing to stay for another year. The tenants are paying $850.00 a month. They are asking $10,000 for down payment but I would like to pay $12,000 to avoid paying PMI as I will be purchasing this property under an LLC.

Little history about the house. On realtor it is estimated $90,000. The house was purchased June 22 1984 for $25,000 has 3 beds 1 bath with basement.

Issues: The house is a twin and attached to another home. This home is not being sold and has a different owner. My agent tells me there was a drain issue on their side that made the basement leak and that went into other basement (basement of the house I would be purchasing). My agent tells me they had a plumber come out and fix this issue but there may be a blockage further up the sewer pipe leading into the street.

I know plumbing can cost a lot and adds up very quickly. Is this a good purchase to make? Any advise is greatly appreciated! Please let me know as I would like to purchase my first rental property before March when the fed raises interest rates!