Is a 100 years old building a lemon or a good deal to negotiate?

[Michael Ramzy]

I'm about to invest in a 100 years old building with 5 rental units. The 5 are a mix of residential and commercial. Asking price is really high; as the topical in a Canadian market; $600,000! My plan is a harsh negotiation to May be $489,000. Rental gross income is $4,000 and NOI is $2,337.

I'm thinking also a 25 yr term might be too long for the property. Any comments? I'm kinda worried if I shouldn't take a 100 years old building vs its a good chance since the numbers are still running a good profit.