Thoughts on older homes

[Skay Skay]

Hi,

I am a newbie investor looking to start my investor journey in the Milwaukee, WI market. I would appreciate your thoughts on the following deal - 4beds, 2baths, 1,574sqft, 1891 built, 8,712 Square Feet Lot, generating rent of $1600/month to long term tenant. Market rent $1800+.

Asking price - $119,900, $120,100 Zestimate®.

I know this house is old, so I wanted to hear opinions on buying older houses if the foundation and plumbing are solid. How much longer can these houses go on before I have to demolish it fully?

Given the rent potential, would it be a good buy if I plan to hold for say 10 years and sell it. Or should I hold on to it longer and given that the land size is good, demo the house and construct an ADU if zoning allows it?

Thank you,

Skay