OLD but modernized property

[Nick Johnson]

Hey guys,

I came across a "tired landlord" in my local craigslist who wants to sell the college house he bought for his son. It is located near a local medical school, where his son just graduated from. The owner is a local lawyer, and the property looks to be in great shape. Furthermore, it has renters (I believe they are med students) with lease through the summer.

My wheels were spinning until I did a valuation lookup and saw that the house was built in 1895... You can very obviously tell that is has been modernized and well taken care of recently, but that physical age makes me VERY nervous. Does anyone have experience buying a property that old that can shed some light on this?

A topic for another post will be the fact that I'm a newbie trying to come up with some sort of seller financing ideas for this property. The seller is open to ideas, and just had some investors back out on him. I feel like he is primed to offload the house. He is a successful local lawyer and business investor, and just doesn't want to be a "landlord."