No matter what home you want to purchase, the only way you'll have a reasonably good idea of the condition is by having a thorough inspection by a licensed home inspector. In Texas, you do this during the option period, where once you have an accepted offer, you pay normally between $7-10 a day for 10 days or so, for the right to inspect the home and protect your earnest money deposit in the event you find something you don't feel comfortable with (you can withdraw from the contract for ANY reason, without penalty, during the option period). You can have further inspections during the option period by an electrician, plumber, roofer, HVAC or foundation expert, or whatever you would like to inspect as a result of your inspector's findings.
It would be reasonable to assume that a home built in 1917 might need some work, especially at this price, but this may be a great opportunity, IF you know clearly what you are getting into!
Best of luck!