I'm in St. Louis so 1910 doesn't seem that old to me. There are certain things you have to look for at that age though-cast iron sewer lines & stacks, water pipes that are potentially lead or galvanized, lead paint issues, old wiring etc. that you don't have to pay as much attention to on newer homes. Our first house, built in 1894, is much higher quality than new construction. My in-law's house that was 6 years old had 4 cracked joists whereas our old growth timbers and actual 2x4s were absolutely rock solid.
What concerns me with that property, and this is coming from my experience and your market may be different, is the mix of units. Somebody looking for a 2bedroom is not the same person looking for an efficiency. I would think you might have even more multifamily turn over as the single person/couple in the efficiency may not like to be near the kids in the 2bedroom. This mix might work in a larger apartment community, but I think in one building it's too much. What I have seen in this market is that the efficiency was probably hacked into the property by a slumlord type landlord to make extra $$ and it isn't that great and either brings down the rest of the property or the quality of tenants who want to live there.