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Yes, don't discount shares from your future plans. Equities may not suit you now, but perhaps one day. Don't worry too much, older places do need more maintenance but new ones can have things go wrong as well. Just budget say $500-1,000pa for repairs for this one so it doesn't take you by...

There's plenty of leverage available if you go about it the right way. I've invested $'000k's in the ASX over the last year, my personal input was the cash equivalent of about 5% of the total current gross value.

The potential plumbing issue with 'rusty' water aside, the issues don't look overly expensive. One visit from your PM's handyman should be able to take care of; clothes line installation, new lock for laundry door, fix/replace bathroom fan, one window lock installed. My guess $500-700 all up...