A few things to watch out for when buying homes this age would be electrical, insulation, sewer and plumbing.

Due to age of owner's (70+), money to be made selling ( rapid increase in equity), change in the market area (over crowded beaches/Pigeon Forge strip) and life changes (divorces/death) the owner occupied/2nd home owners sold. 

In the internet ages its easy to get black listed as an Investor.. 

On the application I did put a deadline for all applications and income verification.

When preparing for the inevitable costs, always make sur you know the age/condition of your big ticket items.Roof, plumbing, windows, electrical, HVAC, foundation 

I like the appreciation play and I am a similar age to you...wanted cash flow immediately when I was younger. 

Pick up a side “gig” to make extra money above and beyond your income…don’t let pride get in the way (I did when I was your age; new car, nice clothes, one job because I “went to school” to work one job; BS).

(zoning, flood risk, insurance, roof age etc)  I also call the listing agent to gather the age of most important things if it is not listed. 

I would say the biggest things to look at would be do you want replacement cost (amount needed to replace/fix at todays cost) or actual cash value (depreciated amount depending on age of roof, or item damaged).

Pipes looked remarkable for their age (very little pitting) and were no where near end of life.