Other than this I would say similar to what others have suggested get in there do an assessment and come up with an estimate of what you think needs done. 

does not have parking space included. during the first year, I would be +$50 to $100 a month but after july 2020, it would be +$200 a month because an assessment would have been completed on the building. the lack of a parking spot concerns me and the risk of a longer vacancy. i have funds for at least 3 months of a vacancy to pay of the mortgage and fees. its in a great area in downtown and 2 steps away from a major bus stop that goes into NYC.any one had a similar situation before?

Start practicing assessing deals, talking to people, and the more you put the podcasts to work, the more it will stick, and the more useful it will be when you need to put that knowledge to action.Congrats on the upcoming wedding!

(necessary to assess whether holding cost is realistic)?

By talking to other newbie investors and testing your knowledge in the real world you’d be able to better assess where you stand. 

City website says $2.4638 per $100 of assessed value, where the assessed value is 25% of the market value which I'm using the purchase price for. ((205,000 * 0.25) / 100) * 2.4638 = $1262 per year or ~$106/monthInsurance: $100.

@Alex Jones Hi AlexOk I am freshly new still looking for my first deal but I will definitely keep you in mind for assessment help when I reach that point thank you.

Something that I try to note with clients sometimes is, 'legal' separate lot status, 'mapped' lot status, and 'tax assessment' status are all different and applied in different situations.

Feel free to send me a DM I can assess this better on a quick call & make some recommendations for you.

The rent will offset your holding costs in the meantime and you can ride out your agreement with the homeowner until at which time you can assess the market and decide what you want to do.