This is the new age of doing business.  

The deal was one that was aging on the MLS.How did you finance this deal?

I am a college student who wants to get into real estate, but I don’t know where to start or even how to. I know this is the path I want to take and am ready to do what it takes and sacrifice in order to learn the bus...

@Mark Page I agree with others that age is irrelevant.

I started flipping when I was your age.

What sort of numbers should I be using for maintenance and cap ex so that I make sure the investment stays profitable as it ages?

Rent will be lower than taxes, mortgage, insurance, maintenance and he is near retirement age. 

Old houses have cast iron pipers that will disintegrate (because of age and/or foundation shift).

In addition to this if distribution is taken prior to normal retirement age - you would have to pay penalties.

@Nathan RealphBy the date of the property as follows a class a building his new construction a class B building is 10 to 15 years old well-maintained with a little deferred maintenance class C building built within 30 years Shows age some deferred maintenance class D building over 30 years old no amenities low occupancy needs work