Electrical questions with potential investment property

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Hey everyone,

Context: My wife and I are very new to the real estate investing world. We spent about 3 months looking at different properties and finally found a three-unit property in which we want to invest in as owner-occupants. Our offer was recently accepted and we just completed our home inspection yesterday.

The property was built in 1910 and has knob and tube wiring throughout the basement, which is apparently common given its age. Outside of some electrical concerns the house was very structurally sound and the plumbing seemed to be fine, except of some water pressure issues.

Questions:

Should we be concerned with knob and tube wiring? Is it something that makes this investment property a high probability of becoming a money pit?

Many rooms throughout the house had 1-2 outlets that didn’t have power. We DID’NT identify any rooms that didn’t have ANY working outlets but I’m trying to gauge the chances that it’s a $30 outlet replacement vs. a very expensive electrical nightmare. Anyone have any experience in electrical work? Anyone come across a similar situation?

Thanks in advance!