Help with my first deal!

[Jeremy Jackson]

I've been a lurker for some time and decided to take action today.  I still have a lot to learn and currently looking for a local mentor.

I had an acquaintance contact me today and asked if I wanted to buy his house.  It an hour away from me and I'm not familiar with the area.  He states it's a desirable area because of the schools.  I want to see what your initial thoughts are until my realtor can get me some factual information.  

House is a 3/2/2 built in 07 in Waco, Tx. He owes 116,000 on it and is willing to sell for that.  Until my realtor gets better info, I believe it's worth 135,000.  He has had a tenant renting since 08.  I  believe it will need basic cosmetics including paint and carpets removed/flooring installed considering it has been a rental.

Your advice is appreciated!