I live in a home built in 1914 with 3 apartments added on in the 1970's, it's a very solid home and we got a great deal on it. It however had been well maintained over the past 100 years. I also own and manage a number of historic homes and have rehabbed a number of homes in the area.
Definitely check if it's in a historic district, and if it is, how they are to deal with. Most of the old buildings I've dealt with are in a historic district but they are fairly easy to work with. However this varies wildly with the area. Also if your not familiar with old homes, make sure your inspector is and preferably your contractor also.
The biggest thing that concerns me is the numbers, make sure you have a nice spread. Around here you can pick up plenty of old homes but at that price they'll be in the "wrong" neighborhood. People do buy rentals in that area but are generally just hoping for gentrification. I prefer not to hope and don't like renting in "war zones". This of course varies by area and what your particular strategy is. A lot of people made big money buying in the neighborhood I now live in before gentrification. They also dealt with prostitutes and crack houses for a number of years.
I get a bit of extra satisfaction on bringing old homes back to their former glory, not to mention making money while increasing the value of my home by continuing to revitalize the neighborhood. I believe Jacksonville has the largest number of craftsman style homes in Florida. I'm a big fan of them. Anyways just do your due diligence, as on anything else and you should be fine.