The seller countered, explaining that they had installed a new AC unit and made other updates and they would not consider going any lower. 

Love the article and counter point from Scott.

Good  luckHow about a counter thought Dan, to see if I can't sway you to reconsider. 

You’ll probably need to budget between 1% and 3% of the rental’s purchase price per year to fix leaky pipes, busted doors, broken windows, and similar items.Then, you’ll need to budget for capex reserves.

I was talking to the guy that found me the deal and he said it has a Federal Pacific electrical panel and he's saying I'll have to rip out all the sheetrock and redo the wiring in the house as well as the plumbing because it has galvanized pipes.

This is counter-intuitive to my goal - slow and steady save to purchase our first investment property (with more to follow). 

Gurus make a great living on selling and cashing out on pipe dreams that newer investors have.

Quote from @Will Martinez: Quote from @Shauna Myron: Somehow I just stumbled onto this thread, but thought I'd pipe in since I'm here. 

The walls can't be cracking and 1990's beige when you installed brand new hardwoods throughout.And, while new cabinets and counters and appliances are nice, if they are not well laid out, or you jam an island into a space that does not allow for stools to be pushed out, or the oven door to open because it hits a cabinet pull, that new kitchen is meaningless. 

The one-time price is still available, and honestly, I love the lead pipes system for quick looking up loan information and who owns the house. you can do this through the local appraisal district site as well, but I like this site.