Are 18K of repairs worth it, for a 225K in a good location?

[Daniela R.]

So, this is my issue. I am first time home buyer, and first generation home buyer as well. No one in my family ever owned a property. Just graduated and wanted to get my own place after saving a lot. This whole process howeve r is overwhelming.

I think I find the right place though. It's close to work and near good schools. I would save a 30min commute.

The issue is that the house is a single family 2bed/2baths built in 1982, roof has not being replaced. Only maintained, but it's beat up. The HVAC is as old and the water heater although in good condition is from 1966. HVAC not running properly b/c thermostat needs a replacement, furnace runs ok but doesn't work without thermostat. There are no gas leaks.

My offer was accepted so I was able to get certified profesionals to look at everything and cost of repairs (important ones, not like burnt bulbs or DIY) is about 14K without including the re-roofing that it will need probably soon. Roofer estimate for reroofing is 12K and could go up to 19K.

So I am looking at total expenses to be approx. 33K let's say I manage to get some discounts and I'll only would bring down the cost to 32K. Not counting that insulation needs to be replaced completely because seller didn't cleaned the attic and has rat poop everywhere. That would add about 1.3K if I assume 1 dollar per sqft. So I go back to the 33K in expenses for a 225K.

I haven't overstimated in any way, I am using the inspectors quotes.

The foundation of the house and the piping under are in good condition. Electric panel is overheating, and appliances are not included.

I really don't know what to do...the location is good, but I also don't want to get myself in a bad investment. Will it really appreciate? Property is near Space Center Blvd.