Buying a 1940 house as a rental

[Steve S.]

From reading on here and listening to the podcasts, it seems this isn't too uncommon in the rust belt.  However, I'm looking to do this in Texas for about $65,000.  It would cash flow around 17% based on projected rents.  Prior owner rehabbed it.  

Anyone here have any experience with a property this old?  I'm concerned about plumbing, electrical, etc beyond the normal rehab work that is typically done.  If I'm going to own this house for 30 years or more as a rental, I'm concerned about how much i may have to pay to replace plumbing etc down the road.

Any thoughts there or data from your own experience to help me guage how much risk I'm taking on?