First Deal - Analysis

[Jordan OBrien]

I am looking at an older up/down duplex (built  in 1880!) It has been sitting on the market for a few months now and needs about $55K worth of work to reach market rents of $2,100/ mo (both units combined). It is listed for $150,000 but the listing agent told me they are open to all offers since it's been on the market so long. I am planning on offering up to $130,000, my thinking is that it will reach the one percent rule after renovations $130,000 PP + $55,000 reno costs = $185,000. 

I am worried that my thinking is way off since I am in a hot market (average time on the market is 8 days), and this has been sitting for so long. Should I even be considering a home this old? It is 1700sqft, has a 3 year old tear off roof, and the listing says its Lead & Electric certified (not exactly sure what that means, in the process of pulling permits).