Greetings @Chris Webb,
The issue I see with older housing stock is outdated mechanicals and older 'bones' (structure, framing, foundation) and as we know father time is undefeated. In Baltimore where I invest, most of the housing stock is older. My primary residence was built in the 50s. Most of my investment properties were built before that, most in the 20s. One of the major issues that occurs in older homes in Baltimore is the presence of lead paint. Making a home completely lead free will cost you more money than doing the bare minimum to pass inspection or just to get a lead certificate. If you are planning to upgrade/renovate most if not the entire property then age should not worry you. If you are planning to do cosmetic repairs be sure to inspect major items that will become capital expenditures down the road to get a gauge on where they are in their life cycle. Keep extra, extra money in reserves when dealing with older housing stock especially when you are not planning to update significantly before renting.
