First BRRR and fears of not renovating old properties

[Andrew Kuiken]

Hello Bigger Pockets! My wife and I are taking the step to buy our first rental. We've looked at several 2 family properties here in northern NJ, most of which are built in 1900-1930s. I feel like most of these units are in dire need of basic updating which I feel comfortable with. However, I've also spent a lot of time educating myself on older electrical systems and older types of plumbing such as galvanized pipe. A lot of these units may have updated electrical panels and some piping replaced with copper or pvc for drains but I still notice quite a bit of older wiring and piping mixed with newer stuff. I myself enjoy rehabbing properties to look nice and would consider myself liking to rent to mid to high middle class tenants that probably would take better care of the property, would desire these kind of updates. But in general I think what drives me most to this category is I enjoy making a rental unit that is modern, clean and would be enjoyable for myself (even if it has vinyl plank flooring). Now, I guess my biggest fear or what bothers me the most about these potential houses is that most of these core things have not been completely gutted and updated in near 100 years and the sellers are asking prices which don't make sense to me if I were to consider gutting the property to completely redo electrical and plumbing. I suppose I just want to have a property that I know is updated and shouldn't have major issues for many years since it is all done. Does anyone have any comment or wisdom they could lend me on these issues. I feel that it is a little irrational but I'm sure many have had experience with these feelings. Thanks!