Buying a Home with an Old Foundation: Brick, Sandstone, Dirt

[Shane Clark]

I am viewing duplexes in Massachusetts where we tend to have a lot of older homes.  The properties in my price range all seem to have a common issue being that they are older (we're talking 1880's - 1910's) and Realtors keep telling me that other potential buyers have been "scared off" by the age or make up of the foundation, which is either brick, stone and/or having a dirt floor. I understand that this is probably why the properties are in my price range, and I am not afraid of having to put a little money into it.  I have done some research, including here on BP and have found some wildly ranging renovation costs without much indication of what I should be looking for during a walk through.  I would like to know what are some indicators of the difference between needing a little work (<5k) or a lot of work (>20k).  Is there anything that is a tell tale sign I shouldn't buy if not willing to put in 20k or more?  On the other hand what would be a good sign that although old, it is still in good shape?  I'm thinking if other investors are scared off just because of the foundations composition and age, I might be able to get a really good deal if it is still in good working shape and can be easily maintained for the next 10-20 years.  

I know I will eventually just need to get a contractor to come in and give me an estimate, but any advice I can get in the meantime, while doing an initial walk through would be greatly appreciated!

   - Shane