If it's in bad shape and is fraying or falling apart then deal with the problematic areas, but I wouldn't go as far to say it's a deal breaker.If you're going to demo or remodel, you're going to have a couple extra steps in the process (wetting, bagging, sealing) and it will be more expensive, and may require a hazmat demo permit (depending on what your county or state requires) - also has to be dropped in a different section of the landfill, or in a specific hazmat landfill. 

Sounds like any Gov's wet dream - increased velocity on productive use of money.

If not, that's a good way to get your feet wet.

All your fears and concerns are understandable and expected unitl you've gotten your feet good and wet.  

On the other hand, if you bought property 8-9 years ago at the trough of the cycle, then prices today would seem very high (just like if you bought any number of stocks at that time).It's good to jump in and get your feet wet and figure out what type of investment will work best for you.  

My intention was more or less to get my feet wet in making an offer even if nothing came of it.

Jason Curfman I’m a realtor in raleigh and starting to get my feet wet with personal Rei in the area.

Again, watch few auctions before you get your foot wet.

However, if you don't repoint, you risk water getting into the air gap between the sheathing and the brick, and that's really bad in wet areas (Woonsocket).

You may want to pay up for that if you can get it in concrete because painted concrete can be slipperty when wet.