Deal Analysis: Duplex for house hacking

[Ken Swearengen]

We looked at a house a while ago, but due to a death in the family we ended up suspending our house hunt and didn't end up making an offer on it. It was originally listed at $250,000, and on the market for about 3 or 4 months before it was delisted.

We ended up getting a hold of the seller and he said we can make him an offer. The seller wants to sell as-is because he's getting old and doesn't have the energy or motivation to fix things up -- but fortunately it's been well-maintained. One unit is empty and the other is occupied by his son who would leave if we bought it. Each unit is 2 stories, 3 bedrooms 1 bath at about 1200 sqft. It's in a semi-rural area with low vacancy rates; based on rentometer I think I could get at least (lower 25th percentile) $1450 per month for each. More likely could get $1600 for each. 

Key attributes: Well & septic, baseboard heat, seperatley metered electric.

Pros: Large yard with a deck, quiet setting, close to major highways and the city. Brick exterior. Good schools. House in good condition for its age (at least as far as I can see). 

Cons: CSX train tracks about an eight of a mile from the house (hidden by some woods). House built in 1890's. Basement was wet when we first looked at it, but no mold and our agent wasn't worried about it. Ceilings are a bit low (around 7 feet I think?). Brick exterior was remodeled so the colors don't match around windows and some doors.

I guess my question is: What should I look out for or be aware of when putting in an offer and doing my due diligence? I haven't looked too much into as-is properties before (the this one seems to be different given its condition) so just want to make sure I'm not getting myself into something I can't handle.