Get into escrow at or a little below the $130K then start performing your inspections peeling the onion to reduce the sales price.Majority of people looking at property aren't buyers. 

Which would allow you to charge more in rent.Besides, if they are complaining about floors that are soft or laminate that is peeling up and they are in their 70's I would be concerned about them tripping and falling.  

This even includes things like peeling paint and cracked sidewalks sometimes.

A contractor or inspector can tell you the problem.You can use a backer board or rubber membrane but that will only mask the problem.

Couple yrs and it is peeling.

Peeling paint needs to be scraped and painted and the interior painted completely on the inside.

And of course, I'm keeping my eyes peeled for any sort of a "deal" that might advance my position.

.* Rehab/Construction Lending - What are you qualified for and do you have Proof of Funds to close quick* Working with a Transactional Real Estate Agent not just peeling off listings from the MLS.These are just some starters to consider.Let me know if you have any questions.Regards,Joe Scorese

It all starts with goal definition and then peeling back the layers until you derive consumable chunks.

., etc.Other than age-specific issues like LBP and asbestos, the things I'd look for on an old house would be much the same as what I'd look for on a newer house--these things would include: signs of water diversion failures (such as rot, peeling paint, masonry damage), settling issues, the type and age of plumbing, HVAC, and electrical, the condition of the sewer main (scope it), the type and age of windows & doors, a meth test, a radon test, etc. etc.I have properties from the 1910s, 40s, 50s, 60s, and 2000s, and frankly--the older properties are often my favorites, and some of them are the best-performing properties in my portfolio.Just being an old house doesn't--in and of itself--make a property "good" or "bad"...plus, old houses sometimes have charm and aesthetic appeal that no new house can touch.