Also, are there any specific tests and inspections recommended for buildings of this vintage?

When you buy in older areas, vintage is normal for the area and totally acceptable. 

@Daniel Lozowy, the expense ratio can vary quite a bit depending on the size, rents, vintage, etc.Ask for the actual T12  and compare them to your underwriting.Were there significant CapEx needs?

If they have a property where large and regional brands have built up the area the last 5 to 10 years and mom and pop places had vintage leases way below market in good locations then landlords have some possible NOI upside on releasing.

Don't let the vintage scare you away! 

At one point I had 15 vintage cars myself and 50 in customer storage. 2 years ago I decided to sell a few cars and to invest in real estate.

And if the sponsor is experienced they should have a considerable past track record that you can look at to see how they typically underwrite deals and further mitigate this risk.One downside of individual deals is that they typically have a lot more risk because of owning just a single property versus a similar deal (that is diversified across multiple properties, often geographies, areas of the country, vintage years and sometimes even strategies and asset classes).

What something rented for 5 years ago doesn't matter much today it could have been a vintage overinflated lease rate which is why they moved.The large commercial broker the 1,450 sq ft space likely is just something they put in their marketing system.

I love the mentality of just getting on-base, Michael, so that you can get into the game, but this is looking awhole lot like you're leaning your head into the strike-zone hoping to get hit by a pitch that might do more damage than you realize.Somebody else mentioned it already, but what you have budgeted for Repairs, Vacancy, and CapEx just won't cut it on a property of this vintage.

Vintage-inspired, brightly colored (or softly muted colors), floral designs (or birds, elephants, etc.) taking over one room in a house.