Boiler broke down, should I replace or repair? Rewire the house?

[Thomas Summers]

Hello, bought my first house recently. Planning to keep for long term, will live in it and rent it out in a few months. The house has old wiring (no grounds), radiant heat system using a natural gas boiler. The breaker regularly gets tripped if we draw too much power in the same area of the house (e.g. using several electric heaters, or using several kitchen appliances at once).

There was a power outage in the neighborhood days ago. After that the heat stopped working. I got Bell-Aire contractors to look at the boiler. They said there must have been a power spike, the spark lighter stopped working. The gas valve does not stop gas - it constantly leaks (we turned it off for now). To replace those, it will cost around $1000. Additionally, the water pump has water in a part that's not supposed to have water, and it will break down if not replaced. The cost to repair that is also around $1000.

I got a quote to replace the boiler alltogether - $8,000. Rewiring to add a ground wire to the boiler will be an extra $500. It is a very old boiler, it was made in 1983. I am planning to get more quotes from other contractors.

Assuming I plan to rent out the house to college students in a few months, should I:

1) Repair the boiler? $2000

2) Install a new boiler? $8000 + $500 to rewire the boiler access

3) Rewire the whole house? (I will be getting quotes. It's a 1500 sq ft house). What are the pros and cons of rewiring?

The goal here is to maximize profits over long term.

Thank you so much! Would really appreciate advice.