New Member in Indianpolis- Electrical Question

[Logan Westerfield]

Hello,

My name is Logan and I am a new investor in the Indianapolis market. Bigger Pockets has supplied me with a wealth of knowledge and convinced me now is the time to make the jump into real estate. With that said, after several months of research and some great mentors I will be closing on my first property tomorrow.

This is a single family home I intend to buy/hold. I had an inspection done on the property and it came back about what it should for a home built in the 1920's. The home is structurally sound with no signs of mold, however the electrical is rather dated. My inspector said it was last updated around 1960. He recommended I upgrade the sub service panel.

I have researched similar posts and looks like I have several option. I can update the sub panel to 100-200 amp setup and replace the two pronged outlets with three pronged outlets with GFCI's. I have seen price quotes ranging from $1000-$5000. The other option would be just update the outlets to three prongs and see if the system can handle the output (the system is currently a 60 amp).

Any advice on how to approach this issue?