To Buy or Not to Buy?? 1936 wood frame Multi-Family in South FL

[Susan Franke]

Would really appreciate some advice from the masses, please. I'm under contract for an old wood frame 2 story from the 1930s. Home inspection showed that the house has good bones, it's in a GREAT location, and it's multi family with fantastic rental potential....but...roof needs replacing, cloth wires, cast iron piping, and an exterior stair/balcony structure needs replacing. We can only get this place if the seller is going to come down in price/pay for some of these major repairs...waiting on contractor estimates now. Our goal is cashflow. The rental income is higher than the mortgage payment. 

I won't get into all the numbers - that's another discussion. I'd like to hear your experiences with owning these old wood frame houses, please. Maybe this will help me make the decision.