First property deal analysis

[Vince Longobardo]

Buying first property and wanting to do all the homework I can before I make an offer. Here's the deal:

-Historic home in central Florida.
-asking price $85k (short sale)
-25% down. 4.25%
-$2030 taxes
-$1709 insurance. Only one company will insure due to age of home.
-considering home warrant @ $400
-needs new roof.
-insurance may drop some after new roof.
Currently tenant occupied but not paying market rent due to owner not making payment.
-realtor says $1100-1200 rent in current condition.

Thoughts?

[Deborah Gordon]

Just Curious. Why an historic home that historically will need more repair and maintenance than a newer investment property?