Investing in 1900s housing

[Edgar Verdin]

Anyone have any suggestions on buying property build in 1900? I ran some information through the rental property calculator and it seemed like a great return. But what worries me is the age of the home. Would the age outweigh what seems to be a good return? And if buying a listing price would it leave me a safe exit strategy?

[Lynnette E.]

I have several.  I love them.  However I buy ones that are in horrid condition, deal with the old fire damage, failing foundations and subfloors, incaving chimneys, roof constructed with 1 by 3 s instead of say plywood, no HVAC other than area heaters, fireplaces and window air, old termite damage, old wiring and piping.  Just had a 1910 house completely repiped last week.  

I consider the specific needs of the house in making the offer to buy.  In the end I have a fully functional house with historic charm.  BTE, that 120 year old wood is so hard you can not put a nail into it!  I have 3 that are Victorian, and one that is brick.  All of them are in a historic part of town with many other similar aged houses.  They are actually popular and people desire to rent them, especially when they are fixed up.