Background: Purchasing my parents home to convert to a rental property, so I know the property well and it's been "in the family" since the late 70's.

1600 sqft

1 story ranch with full basement and attic access which will help access all the wiring (no sheet rock removal should be required)

Estimated current market value is $170-180k for point of reference

The house built in the late 60's and still has the original (or at least REALLY old) electrical service/wiring/panel.  To rent in this particular city, you need a rental license that requires an inspection.  Part of the inspection is the electrical system to verify you have GFCI outlets in the bathrooms and kitchen.  Admittedly this probably a good idea whether there is an inspection or not.  I'm not complaining about that.  But the house has not been updated so it doesn't have these outlets.  There are also a few minor things that I would want to upgrade on the electrical system to prepare for a renter...so I'm planning on $500-$1000 of electrical work anyway.

Here is the question: 

My friend is an electrician and is will to re-wire the entire house which is a 1600 sqft 3 bedroom, 2 bath house including a new panel and meter so we can increase the amperage to the house.  Plus install canned lighting in the bedrooms and main rooms.  This will cost $5000-6000.

This will be a rental property.  Do you think it's worth the investment?  Obviously I have to bring it up to code.  I'm talking about the additional work.

I don't want to spend money on a limited rehab budget that could be spent elsewhere or saved entirely...on the other hand, I don't want phone calls from a tenant about popping breakers all the time.

Since I've lived in the house before, I am concerned that with the current power demands of the typical American family I may get complaints. (multiple TVs, computers, electric dryer, microwave, oven, AC all potentially running at the same time)  But at the end of the day, it is a rental.

Thoughts?