He is very "ancient" in his ways and is living strictly off his experience and reputation.

Ancient windows.

I think by the way the big city hotels are charging, they are saying the recession is ancient history.

"What's clear is we have space for a million people who are no longer there," Szymanski said.Much of that land could revert to scrub land or, as part of Detroit Future City's vision, become "blue-green" corridors to reduce pollution and help drainage in a city with an inadequate, ancient sewer system that cannot handle storm water.

They don't know whether the subject property or comps have knob & tube wiring, popcorn ceilings, cedar post supports, ancient plumbing, rust inside the electrical panel, floors that are out of level, foundation defects, termite damage, a failing septic system, well water that smells like rotten eggs or any of a thousand things that could drastically change the home's value and most of which are impossible to pick up from listing photos or tax records.They also don't know neighborhoods. 

I think there's an old school group of wholesalers out there who are teaching a bunch of ancient crap to our community. 

But far more important is what you won't see.You won't see exterior wall that are bowing out (common prior to the early 1800s), floors that are out of level due to shrinking cedar post supports (also common prior to the mid 1800s), ancient cast iron plumbing, knob & tube wiring, termite tunnels or rotted beams and you won't be able to smell the property.One of the first things I do at a property is to head to the basement and sniff. 

I've managed some old homes that were never fully updated, so they had a lot of issues with ancient boilers, old wiring, drafty old windows, etc.

My property in Richardson has an ancient system. 

Moisture / water / mold, knob & tube wiring, foundation issues, ancient plumbing, rust on the breaker panels, termite tunnels, powder post beetle damage, cedar post supports, improper footings, temporary lally columns, etc.As to writing an offer, that's a sensible and common approach.