Is a 50 year old property too old?

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I've seen the rule of thumb that you shouldn't buy a property older than 30 years for value-add multi families. In some markets (like Cincinnati) the up-and-coming areas consist of properties that can be much older; between 50-100 years old. Also, for my budget I'm finding that most of my opportunities are between 50-75 years old. Mind you, I'm just searching MLS sites.

If a property is in solid shape and needs mostly cosmetic or other basic improvements but was built in, say, the 1950's, is the age a deal breaker?

Am I seeing mostly older properties because the younger properties are mostly off market?