Buying a home to reduce finances?

My SO and I rent a property in a smaller NC town in the downtown area for 1000 a month. Recently a house went up for sale one block over for 80000, which would make our mortgage payments half of what we are paying now in rent, including PMI and taxes. The house is a fixer upper, and needs work but my SO and I are bid DIY people. Even with extra money added on that amount for repairs we would still be coming out ahead. Since we live in the neighborhood we know it is safe and what the neighbors are like, and we intend to stay in this area for at least 4 to 5 years. The plan currently is to fix the place up while we live in it and turn it into a rental property, since the town is growing and we are only an hours drive from Charlotte. My SO and I have steady income, so I'm not worried about suddenly not being able to afford the payments. Is it silly to go into this purchase with the financial aspects at the forefront, even if the other life qualifiers for buying a house line up to?

More real estate tips at Program Realty Wix site

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