I bought a house that was built in the early 70's.....shag carpet, harvest gold plumbing fixtures, paneled basement, etc.
Took me 7 years, but it's now fully modernized...hardwood, ceramic, new plumbing, lighting, windows, doors. I've got it on the market now and I figure to make a $100K profit over and above the market increases (I got a good deal when I bought it)
The things I like about it are the room and yard sizes... 220 square foot master bedroom for example. Just can't find that in newer places.