Going to newer homes in better locations and letting someone else deal with an aging asset is a much better plan, especially as you reset your tax depreciation and learn to do cost segregation!

I have my story, the struggle, and the journey from when I was a poor kid growing up, then when I began investing from the age of  22 or so to today at 31 years old where I have attained what in my perspective is success through real estate which impacts several categories of my life.  

I’m working with an aging family member who currently has a reverse mortgage on the property.

@Daniel S.Don't forget that there's a 10% early withdrawal fee (age > 59-1/2) in addition to the taxes.

save your money... do not borrow at your age until you are fully capable of repaying and you have significant reserves... this is where I see a lot of investors get in trouble.. they don' understand that you need reserves when you own rentals.. the more you own the amount goes down.. but you could go broke quick being undercapitalized to start. 

I'll start off by saying I'm a 19 year old female who often gets mistaken for a 14 year old female, so I'm not sure if my age/appearance would be a disadvantage.

One of those situations is when the tenant is over age 62 or disabled and has lived in the unit for more than 10 years.

What is the average age of the other homes?

@Dana Yobst due to the age of the building it's going to be tough to find an Insurance Carrier that will do replacement cost unless the property was gutted and everything has been updated.  

He is my age and just closed on his first rental property.