Flipping an Older House

[Matt Jones]

I have the opportunity to buy a 3/1 in an older neighborhood that is becoming a high demand area.  The house will easily convert to a 3/2 and I don't see any structural issues.  The property meets the 70% rule as I can buy it for $90-100k, I think it needs 30k in work, so lets assume $40k, and the comps suggest that it is worth about $205k.

I'm still concerned about buying a home built in the 1940's for my first major project.  I don't have a ton of experience but I have bought and fixed up foreclosures for my last two primary residences and turned a profit on both after living in them a few years.  What pitfalls should I look for with a house this old?  As a relative novice should I stay away from a house like this until I have more experience?