Please critique potential first deal!

[Tyler F.]

First time investor here, looking to use the buy/hold/rent long-term strategy. Would love to hear feedback from some pros on my potential first deal.

Property is a single family, 2 BR, 2 BA, 1200 sf, built in 1900. I would eventually like to invest in multi-units, but want to start slow, and am considering this as a small, hopefully safe, first step. Asking price is $30k. Seller is an out of state investor who owns free and clear. Current long term tenant (10+ years) would like to stay put. Current rent is $750/month. I am considering an offer of $25k, which would meet both of the two basic tests I have learned about here on BP - the 2% rule and the 50% rule. The property sold for $78k in 2001 and is directly across the street from a similar home currently on the market for $106k. Neighboring properties are also assessed over $100k.

Assuming my potential $25k offer was accepted, I would put $5k down (20%) and finance $20k at 5% interest. My total monthly PITI payment would be about $300, and keeping the current tenant in place at the same rent would bring in $750/month. Seller says no major repairs are needed. Assuming a property inspection could confirm, please tell me why or how this is NOT a no-brainer for my first deal! Thanks!