Inspection Report. New Buyer-Do we walk away or counter?

[Simone Boe]

Admitting that I am very new to real estate and am on a steep learning curve. We're the buyers and are looking at our first investment property (rental). Our offer was accepted by the seller--it's contingent on inspection. The inspection found  about 26 things--some minor but others that sound like we will lose money on this invesment. At a glance--does someone have an idea of what we're looking at over time to fix these? And/or do we walk away OR counter and what is a reasonable counter? Thanks for ANY advice. Our real estate agent is having a contractor look at the house tomorrow. It's a one bedroom, single-family, selling at $180,000. I believe the sellers recently flipped and did do a lot of work inside and replaced roof. 

Issues:

• There are one or more areas of moisture damaged siding material on exterior of home. 
• There is a drain line plumbing vent for pitched roof with a roof termination that is less than 6 inches above roof surface. This is a non-standard application. Repair may be desired.
  
• The inspector was not able to visually verify the electrical system main ground. It is recommended that a licensed electrician further investigate.
  
• There is a need to install one or more insulated bushings over the end of conduit OR within knockout to protect wires from sharp edges in panel.
  
• The inspector has discovered a number of three-prong, 110-volt electrical outlets in home with reversed polarity.
  
• There is no discharge pipe on the safety valve for water heating system.
  
• There is a noticeable bow/sag to interior ceiling within home AND to roof ridge. The cause was not determined.
  
• It is recommended to make modifications to the attic ventilation system in this home in order to meet minimum requirements -inadequate soffit venting.
  
• The inspection has identified an active plumbing leak at joint within water supply piping under home as seen in crawl area.
  
• The access opening size (for small crawl area) is not adequate to allow for easy entrance to the crawl area.
  
• The vapor barrier/plastic covering on floor of crawl area needs repair to provide the intended service. It is recommended to install additional section(s) of 6-mil vapor barrier material OR re-snug/re-set existing material to cover over all exposed soil
  
• There is ACTIVE evidence of more than one kind of wood destroying insect found in the crawl space. The insects appear to be anobiid beetles AND carpenter ants/moisture ants.
  
• A licensed contractor will need to "sound"/inspect the structural members under the home to determine which, if any, should be replaced. This should include the main beams, posts, sub-flooring, and floor joists.
  
• It is recommended to modify/replace stacked block support under home with one properly-sized wood post secured to concrete pier pad AND gussetted to beam support
  
• There are one or more wood support posts, as seen in crawl area, that are situated on pier pads that are below the soil
  
• There is no insulation installed under structure