Newbie evaluating first deal in Newark, NJ

[Bruce Faulk]

Hi BP'ers,

I have made my first foray into the world and spoken to a seller on a property  I am looking for Buy & Hold Cash flow- below are the basic stats,; any advice, thoughts are appreciated- what questions should I ask before paying for an inspection, has anyone invested in this area- Newark, NJ?  Thank you!

Listed for $195,500

Multi family home built 1910 (yikes!)

2 apartments and two renters who have been in place for a long time

1st floor 1 bedroom 3 years 

2nd floor 2 bedroom 10 years – section 8

$1700  total in rent

Already section 8 approved

Seller is retiring. Investor who lives in PA. Looking for buy-out, rather than income

Put in a new water heater. Normal painting, carpeting, just redid the backyard put down new sod. Yearly contract with landscaper.

Taxes a little over 3k annual.

This looks like a dog at the asking price but maybe at 95-125k?

Thanks!