Termites, beetles, and the asbestos issue are all excellent comments. Like said earlier, check out the asbestos issue as it can sneak up on you and bite you in the a$$ in a hurry! Been thru that one thru work. Those people can require you to do just about anything they want, regardless of cost.
Couple other things, check ordinances for what needs done with respect to the plumbing and electric. Some areas won't simply allow you to replace or update, instead you have to update EVERYTHING to current code if you disturb the original. This can mean opening walls and ceilings, not something you really want to do.
Also, tip on roofing. Look into the new metal roofing available, excellent quality at 40-50% of shingles installed. Just did it on mine, and it's right at 100 years old so know where your heading!!
Finally, areas to think about in advance are the kitchen, bathrooms, and closets. Those three items will make $$$$$$ difference in resale today, but can also be the most expensive to update in these old homes.
Good luck,
Bob
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