Hi Daniel,
Congrats on getting into the game.
The price seems high. There were a couple of properties that sold on the street in the past few months in the 50-60k range and they were in good condition. However, they were only 4 bed 2 bath doubles. Properties on the east side don't fly off the shelf in condition they are typically in. Without eyes on the property it is hard to see what truly needs to be done to it. There's a couple things that I would look into. The roof's condition is important to know in addition to its age. The window specifics are also unknown as ideally even the older windows would be vinyl. The hot water tank is also not mentioned. With kitchens and bathrooms were not mentioned here. Being dated in this area isn't a deal breaker, but they should be in good condition. Finally, everyone has their own interpretations of cosmetic touches. The flooring and paint can be livable, but not great.
If you purchase the property, leave it as is, and find tenants paying the same rent then you will have a cap rate over 30%, which is good. If you want to put in any work or don't find tenants at that price then this figure will change.
I am an agent with experience in area and would love to help you find your first property.
