Find out what kind of work has already been done to it, if it has been updated with modern windows, how long it's been since the roof has been redone, how old the furnace and water heater are, whether the wiring has been updated. Finding out how much work has been done by previous owners and how much is original will greatly influence your decision.
The house is probably lovely; you need to have a good understanding of what needs to be done, what building codes apply, how much you can do yourself, the cost of maintenance, and how much time & money you are able to commit to its upkeep.
I love old houses, but without a proper inspection from a reputable inspector I wouldn't make any decisions. Old homes require a lot of maintainance so you would have to figure a budget to include them, but you don't want to get slammed with some hidden problem first off and an inspection should reveal any hidden issues.
That would depend in the over all condition of the older home. Some Of those older homes can be in such condition that it can truly becomes a money pit. If however it's in very good condition, it's likely to have much mire character then most new homes.