These old houses built 1950-60s have the original galvanized plumbing and cast iron (or worse) main sewer line.

If you have a property in an area where you can command a Copacabana type rent, I would at the very least have a property lawyer draw up an iron-clad rental agreement.

In 1946, lead pipe should not have been used;drum traps;unvented fixtures;cast-iron sewer main which is near, or at, end-of-life.General:Asbestos - in flooring (9x9 tiles); drywall mud; pipe wrap; external siding;rock board / plaster board - drywall was still a relatively "new" thing and some of the early iterations were hard boards intended to replace lath as a substrate for plaster;barker board - common in kitchens and bathrooms;gypsum wool insulation  - paper-backed insulation batts spun from molten rock and slag.  

I will be happy to show you around, grab some famous BBQ and see some awesome properties!

It's not what you can see, it's what you can't see that will reach out and bite you right in the behind.The only way you can even get close to a realistic cost study is to strip the home down to the bones, thoroughly inspect the foundation, check for adequate drainage away from the structure, thoroughly inspect the infrastructure including the cast iron and/or clay water and sewage plumbing and the electrical and gas lines. 

I am not suggesting doing this for the roof but two ways to convert insoluble iron oxide( rust ) to a soluble form that is removed with a water rinse is to use either oxalic acid ( 5% solution on the rust for about 30 minutes( can wet towels so it adheres and does not run off) in water or a commercial product called "Iron Out" which is sodium hydrosulfide I think.

Which is ironic because the reason why I'm here in the first place is so that I do everything right the fist time!

@Dan West, welcome to BP.Good BBQ in New Holland.I would read the BP forums, listen to Podcasts, read the blogs and join your local REIA.The Lancaster area has some good opportunities.What type of RE investing are you interested in (rentals, flips, commercial, lending)?

Hi Bonnie, ironically I have been thinking of Tacoma as well.

i think that would be cool if you were just flipping it, but might not be good to encourage fires by renters. you could put some stone pavers back there for a BBQ grill/hangout area though, that might be a little more under control. you could also plant some drought resistant desert plants along the edges. how big is the yard, it looks quite substantial.