First Deal. Any Advice?

[Tyler Chambers]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $99,000
Cash invested: $19,800

My wife and I are new to real estate investing in the East Tennessee area. This deal in Morristown, TN would be our first deal. The asking price is 99k, but we believe we can pick it up for 85k-90k. The home currently has a tenant who has been there for a few years paying 700/month. They were formerly paying 800/month. There is a second structure on the property that has potential to be a second rental home, but needs around 40k-50k renovations. We plan to use heloc money on our personal home to pay for the down payment, and plan on using conventional financing for this deal. ANY advice or guidance on this deal would be greatly appreciated.