HELP! Got the inspection back on our 1st property--stay or walk?

[Lindsey Thomspon]

We are in the process of buying our first official real estate investment! (YAY!!) We got the inspection back today; the issues are as follows: 

mold beyond the surface mold we originally noticed when checking the house out, wood rot in left side floor, damaged roof joist, poor ventilation in the attic and mold, many of the chimney bricks are loose, standing water in crawlspace--potential mold, leaking shower and toilet leading to damaged floor/ceiling underneath, plumbing material issues, electrical not all properly grounded. 

Because we are new, we see all of these things as bad :(

I know we are supposed to be "problem solvers" as real estate investors per one of the podcast guests, but we also don't want to move forward if the problems are bigger than the budget. 

As it stands, this will be a cash flowing property by about 400 a month after costs. Does that justify staying with the deal and handling the issues? 

Thank you in advance for reading this far and for your help! 

Lindsey

[Brian Ellis]

@Lindsey Thomspon wood rot (potential siding and window leaks), mold in attic could be a ventilation problem with the bathroom, ceiling damage from leaking bathroom above (in walls too most likely), water in the crawl space (poor lawn grading which is probably the reason for most of the moisture), just to name a few. You are looking at a lot more than $5000. Just my two cents, I’m surprised by the comments on this post. Trust me I’m all for tackling a tough project and remaining optimistic, but I would reconsider your renovation costs on this one.