Should I go for this deal?

[Akshay Vig]

Hi all,

I'm just getting started with my first buy and hold deal. It's a single family home located in the Cobbs Creek area of Philadelphia. 1300 sqft, 3 bed, 1bath. Currently rents for $1050, with $100 increase for a few small updates. One of the few houses on the block that has a garage. Many updates done last year, including new windows, flooring throughout most of the house. Comps show similar recently sold homes selling from anywhere in the $20k to $125k range, depending on the amount of work that was done over the years.

So far, this doesn't sound too bad. I got the inspection done the other day and discovered quite a few issues that should be addressed ASAP:

-new chimney: the bricks are falling odd

-cracked asphalt on one of the front steps

-one of the floor joists need to be replaced

-some previous foundation settlement issues: the inspector suggested getting a structural engineer to come and look at that

-some moisture damage that will be taken care of by the seller

-it appears there might have been some termite infestation in the past: the inspector suggested getting a terminate radon inspection done

-new garage for needed as the current one couldn't be opened

-new ceiling in garage needed as part of it was ripped off, exposing wiring: could lead to a hazard

Other than that, a few minor things here and there like replacing a floor tile here, etc.

Here's the thing: I'm an out of state investor and was looking for something that didn't need much work. Granted, all the things listed above aren't the end of the world. But it's still a lot more work than I was expecting. My partner here, who happens to be a duel agent for the property, will be the one managing the property, collecting the cheques, etc. With cash flow above the 1% rule, I'm having trouble deciding whether I should go for it or not. 

Just looking to get your opinions on this deal. If you were in my shoes, being out of state and all, would you go for this deal knowing all this?

Thanks!