Buying First Home

[Colton S.]

Hey Guys,

Let me pick your brain for my first home. This is going to be my primary residence but will be rented out in 2-3 years.

It is a 1,386 sq foot home located in Wendell,NC. This home is built in 1958 with an addition of a den added in 1993 making it the 1386 sqft.

The purchase price is 88,900 and they will be paying $3,500 of my closing costs leading to my having only $400 out of pocket. The loan is a FHA loan with down payment assistance through NC. Interest is 4.25%.

There is some things wrong with the home as of its age. It has a leaning fireplace (about 2" of lean). Has some issues with the wiring coming into the house(the inspector called it feathered because it is a large wire coming into a small spot). There is a damaged floor joust under the bathtub that can be fixed with a sister joust soon. There is no GFCI outlets and will need to be added to the house along with two prong wiring throughout the house. This house is not knob and tube. 

Has a HVAC installed In 2011 along with completely redone insulation in the attic. 

We will be talking to the seller about them paying for some repairs but we don't know for sure yet. 

Will have the inspection back today I hope.

The rent if I'm not mistaken will be around $750-$800 in the future and my mortgage including pmi, insurance and taxes will be $580. 

Is this home worth it with the issues with the house?

Let me know if I'm missing anything and I'll let you know! Just want to make sure this house will be worth it now and In the future! Thanks guys!