Salt Lake City, Utah first home under contract

[Christian Kenworthy]

Hello BP! I have my first home under contract. It's a 6/2 duplex that resides in Sugar House, Salt Lake City, Utah. I could really use some input on if this is a real deal, if it's workable, or if it's going to be a real headache. I was able to pick it up for about 260k, It seems there'd be a lot of potential seeing 3/2 across the street recently sold for 310k and i'm looking at an ARV of 400k. Here are some issues with the property:

1. there's a slab leak in the basement, they say it's due to river that runs underneath the homes on this street and is fixable with a sump pump. (they quoted me at 10k, is that normal?) ( Also could this mean there's a foundations issue?)

2. There was a good amount of mold in the basement that they're working on getting out before closing.

3. Lead based paint. ($5000?)

4. Also some switches don't work and they quoted us at about $12,000 for the electrical.

5. Everything else seems pretty cosmetic. ( kitchen updates, drywall and paint is some areas, and laminate flooring.)

The original homeowner says he doesn't have time to fix up the property but my guess is he ran out of money.

Originally I was planning on using an FHA for financing but with the newfound repairs i'm looking into getting a standard 203k if possible. What do you guys think? Would you like to see some pictures? Should I cancel the contract and keep looking? renegotiate? Some input would be great, thanks BP!