Houses older than 1950

[Onika Constant]

Hi Everyone,

                      I live in the DC metro area where the price of houses are a bit steep. I have been looking at some properties in a college town over a 100 miles away from my home. The properties that I am looking at can be rented out to students. One in particular is a 2099sqft, four bedroom with two kitchens and two baths built in 1940. It is priced at $89,500 with a advertised rental income of $12000 a year. 

1.What the big ticket items in houses as old as these that I should look if for? 

2. How do you know if a house has "good bones"? 

3. Has anyone of our biggerpockets members ever owned college rentals? What are the rewards/risks.

Alot of questions but I would like to know what I ask a contractor about going in.

Thanks in advance for your response.