You have time on your side, given your young age.  

I always do a history on the area to make sure that it's not in an aging or blighted location.

I don't have an answer but I want to applaud you starting at an early age!

The other thing is our health gets worse as we age, people get sick.

Kevin,That will depend on the age and price of the home and the amount of deductible.  

Depending on the type of loan (conventional versus FHA), they have very specific requirements for the condition of the property - from the age of the roof to the condition of the paint. 

You will be sacrificing getting on with your real estate experience and holdings, but would be doing a good thing for aging parents and will have a good asset paid down and ready when you are both ready for other living arrangements.  

I wish I had your drive at that age.

I've talked to a few asset based/stated income/alternative income verification, etc. lenders but most focus exclusively on investment properties - which is great. 

Age is usually not much of a factor and units built within a few years of each other won't have an adjustment for age.