Most fix up skills aren’t that tough. Home Depot sells a large Orange book that shows how to do most things. They teach classes Saturday mornings for free, and if you go to the store at a quiet time, their employees can usually tell you how to do the job. The internet and friends are also other good sources for information.
If the place needs a lot of work, you don’t need more money than your down payment. Ask about a 203K loan, which keeps the down payment the same and gives you the money to do the work that's needed to make the place inhabitable.
Some people say the secret to real estate is location, location, location. While that conventional wisdom has some merit, we believe in cash flow, cash flow, cash flow. Eventually we want you in a great place in a super area. That happens after you put away a bunch of rental properties.
Is it good value?
Ask your Realtor to show you all recent comparable sales in the area. Also, take a look at Zillow.com, Trulia.com and Cyberhomes.com. Compare dollar per square foot purchase costs. If a 1,000 square foot home sold for $100,000, that’s $100 per square foot. Adjust for amenities, like layout, location and view.