Please advise. thanks.

Hello Everyone,I need some advise from you all.We are purchasing a new home and have some equity in our current home.  

***This is very general/broad advise but I hope that points you in right direction.At the very least, refer it to a broker as a listing and build a relationship with that broker for future comps your going to need as you start your investing career.  

Owner says that it will fetch $900 a month.Asking price is $120,000The owner bought the property for $6,000 in 2001 and he has done significant work on it, but am sure the asking price is negotiable.This will be my first investment property if I decide to go ahead with it.Since this is my first deal, I am out here seeking your input and advise....Is this a good deal? 

Or do they get paid for work performed?

The listing agent cannot and will not tell you a price below asking, but he can advise your broker what not to do.I have bought hundreds of properties over the years and never have I paid less than 90% of the asking price.

Do you plan on performing a sub 2?

I am afraid we would need a lot more information in order to advise you.  

I don't advise you ignore the plumbing, but yes I recommend obtaining 3 different bids for that project and see what you can get for it.

Thank you, for the advise and noticing that I'm here.