Duplex deal suggestions

[Jim Wineinger]

I have a potential deal that I wish to have your suggestons upon.
I have an option currently and final purchase price including option will be between 892.00 and 3955.43.

Value Information

Land Mkt Value: $2,500
Improvement Value: $31,700
Total Market Appraisal: $34,200
Assessment %: 0
Assessment: $0

Building Information
Building # 1 Improvement
Type: 02 - DUPLEX
Stories: 1
Base Area Sq. Ft.: 1,152
Aux Base Sq. Ft.: 336
Foundation: 02 - CONTINUOUS FOOTING Floor System: 04 - WOOD W/ SUB FLOOR
Exterior Wall: 04 - SIDING AVERAGE
Structural Frame: 00 - NONE
Roof Framing: 02 - GABLE/HIP
Roof Cover/Deck: 03 - COMPOSITION SHINGLE
Cabinet/Millwork: 02 - BELOW AVERAGE
Floor Finish: 08 - PINE/SOFT WOOD
Interior Finish: 07 - DRYWALL
Paint/Decor: 03 - AVERAGE
Heat and A/C: 02 - WALL/FLOOR FURNACE Plumbing Fixtures: 6
Bath Tile: 00 - NONE
Electrical: 03 - AVERAGE
Shape: 01 - RECTANGULAR DESIGN
Quality: 01 - AVERAGE
Act Yr Built: 1945
Condition: 1 - NEEDS MINOR REPAIRS
Building Areas:
Area: BAS Sq Ft: 1,152
Area: OPF Sq Ft: 168
Area: EPU Sq Ft: 168

I have an estimate of repairs to be at 15-20K, but what concerns me the most is that there were 2 meters (one for each side) and one is gone and the other is still active!!!!!! even though there are no renters at this time.

There is two chimneys but there is no fireplace in either side, so I assume it must have been for something as a pot bellied stove but there is also gas service that was used for a wall mounted heater.

I can either purchase at my option price and sell to an fixer uper at a decent price or maybe purchase and hold but am concerned with the electric service in that it appears to the meters were 100 amp meters and usually now we see 200 amp meters. Will there also be a total rewiring job required since the build year is 1945 and there may be upgrade codes to deal with?

Should I consider trying to make this my first rental? or should I turn it over to a more experienced investor since the repairs that I would make would come through a contractor which would probably increase the actual repair costs?

Please guide me with your knowledge and expertise, thank you in advance. JIM