I am still rather new in the investing world, but I know with enough base knowledge and liquid capital of course, I'd be willing to pursue it for sure. 

on a 100 year old house that rents for $1000 a month that's about to need a new everything - that is spectacularly deficient.  

Most fields in the real estate world will unless you are an employee to a business.

Will it matter if my business is only a year old?

The inspector wanted me to add 2 screws to anchor the condenser and he did check for leaks at the gas connection (the gas connection that was flagged was decades old and I questioned if was before a permit was required but city stated it was up to me to prove that it was there prior to permit requirement).

Old skool K&T systems are simply not designed for the electrical loads that houses have today.

In my round-up note as we moved out, I mentioned that the ice maker in the fridge hadn't worked in many years and the model was known for issues so we just never replaced it. (8 year old fridge.) 

Old post but I figure I would comment here... my Company, Maven Cost Segregation has done studies on projects like this.

Glad you are setting aside money, but if the HVAC is 20 years old, or the septic system has never been pumped, or the roof is 25 years old, etc; you will get hit with a cost before your build up enough set aside.How stable is the other tenant? 

You have 22 properties that are probably at least 60 years old. 15% maintenance of $1000 rent does not get you very far when you start looking at big-ticket items like roofs, windows, plumbing, HVAC, driveway, tree-removal etc.I am doing this long enough here in Milwaukee that I own some properties I have rehabed twice.