I assume you're asking about buying rather than renting although much of the same applies. I would steer away from really old homes for reasons of safety: things like stair rails, windows, etc. may not be safe for a toddler when they don't necessarily meet recent building codes. Remember that in 3 years your two year old will be 5 and loving to play outside, so a fenced yard is a good thing. The same consideration should be given to schools: how good is the local elementary school?
If you plan to buy, plan on staying for at least 5 years in order to not lose money when you sell. And in 5 years, will you have more children? Don't buy too small.
As has already been said, almost all homes can be toddler-proofed, but you might want to avoid a home on a busy street - toddlers can move awful fast when you are not looking for a few seconds.
Hope this helps,
RE/MAX Ability Plus