What if you get an unexpected (and you can expect it with a house that is over a century old), rehab/CAPEX? 

Century old home - bones and mechanical are very good - just dated cosmetics from a 1984 remodel.

Century old home - bones and mechanical are very good - just dated cosmetics from a 1984 remodel.

Very true, Chicago has classic turn of the century vintage brick/greystone buildings, California style buildings built in the 60's & 70's, and as well as newer properties. 

These turn of the century houses are problematic.

I've read a lot of the comments and while this isn't the deal of the century, it could be a good starter home in a desirable location that you'd be able to rent for more than you pay when you decide to upgrade it branch out.Personally I'd look for a duplex if this is your first place in order to take full advantage of the FHA loan, but I realize those aren't common or cheap in CA.

So you still come out ahead even if a "once a century" implosion occurs. 

It wasn't the deal of the century, but I have gained a tremendous amount of equity since I have owned it.  

Century 21 First Coasthttps://jaxhouses.rentals/

Unfortunately it was a very common choice of material for water piping in the early 20th century.