It has some Termite damage (common in the area) asbestos siding, active Knob and Tube as it is an older property, and some cracks in the foundation etc etc etc.

Any Knob & Tube or Aluminum Wiring3.

These buildings are 100+years....lot's of character, plaster, some knob and tube (which I stay away from). 

Added value by:- creating master suite (adding a bathroom to floor plan)- adding a living room/family room- new roof- solar-tube lights- renovating bathroom- refinish and stain hardwood floors- building a deck- building a masonry entrance stoop What made you interested in investing in this type of deal?

Here I got to learn how prevalent old knob and tube wiring could be in older houses.

I've seen numerous news stories about it (just google Civvl, and there are plenty), but none is very descriptive, mostly just outrage porn.

Knob & Tube or Alumnium Wiring2.

Besides, theres tube and knob that's active in the attic for one light bulb and vermeculite insulation up there as well...some basement windows need replaced. 

And whoever is looking needs to pay attention to big ticket items - electric (is there knob and tube or a big upgrade required), roof, plumbing (sewer inspection with a camera), septic and/or oil tanks, asbestos, is the furnace working, mold, structural integrity.

He saw evidence of termites including wood rots on exterior trimmings and sidings and mud tubes.