if you like old house, and comfort with it (like me), go ahead and buy it. i always feel comfort in old type of buildings, the material, the design, the feel. it's a headache u'll need to renew the water pipings, electric wires, etc. reno part can do part by part when u got the $$.

if not, just get new property, but you'll need to renovate (minor) anyway. and you'll need to check out the surroundings, will it traffic jam, how pack is the surrounding population, and empty space which could develop into a high rise building blocking you views and sunchine, etc.

good luck in headache-ing.