Purchase price: $270,000We ended up replacing the kitchen countertops with granite, replacing the water heater, and painting some of the walls before leasing it out.

Testing the waters?

The only thing my friend noted is that when there was a heavy rain, and they did laundry, water backed up into the master bedroom shower and the hallway bathroom bathtub.

The only red flag is Timmins' water/sewage yearly bill is unlike the GTA. 

A lot of first time investors miss stuff like water, common electric, snow/lawn, etc. 

Water conservation programs is another way, or sub mitering.Marketing is another that some operators over spend, and some under spend. 

One of my tenants just sent me a txt letting me know that water is leaking from the ceiling.

Reconciling four different utilities (elec/water/gas/internet) whose bills arrive at four different times and pro-rating all that for different move-in/out dates is a real drag, as is collecting small amounts from multiple housemates.

Make sure the basement is free from water seepage.  

However if it's a solid brick construction with updated plumbing, HVAC, electrical, newer water heaters, etc. then the age wouldn't scare me.