What to know about purchasing historical homes

[Quinton Tigges]

Hey BP community! I thought I would bring this question to all of you to learn from those that have purchased hundred year old homes in the past. I have a friend that wants to sell one of their homes in the historical district of Springfield, OR. It's in a wonderful location and the property is beautiful but I'm worried about underlying issues that could make this deal a nightmare if turned into a rental.

It's a single family house built in 1920. It don't believe anything other than the roof and hot water heater has been updated since the 50's. I'm thinking that the plumbing and electrical would be the two most critical pieces that would need replacing in the near future (and of course appliance upgrades). Other than that, are there restrictions as to how older homes can be renovated? What other considerations should be taken into account when purchasing a 100 year old house?   

Thanks for the insight BP community!