Did i just hit something good?
It is a level 70 item with double magic affixes. It is decent but you can do better.
I’m new to this, how do you tell if its a rare or magic affix?
There’s no intrinsic way to tell on MIs as they are always rare quality, there’s a colour filter mod on the forums that makes these more distinct and easy to spot. For me though, being able to spot magic and rare affixes is something that you pick up over time/with experience.
Like malawiglenn said, it’s not anything notable. Could be nice for levelling on a Lightning Inquisitor but nothing you’d use on an endgame character.
GrimTools.
After a while you start to learn what is magic and rare 
I see, thank you, i’ve just picked up GD 2 months ago.
As the others have said, you can do better, but as far as Magical Affixes go, you wound up pretty well…
Inquisitor’s prefix wound up giving you +1 to Storm Box on an item with an innate +2 to Storm Box.
of Thunder is a perfect fit for Storm Box builds, boosting its damage pretty solidly if you’re not going an Allagast build.
It’s not something of high value to trade to others, but it is still something that can be decently used.