Quick Flip Question Regarding Electrical Panel

[Jonathan Edmund]

So the past couple years I have been flipping homes in the Myrtle Beach SC market. I've done pretty well so far. I have two flips going right now and I'm working on locking down a 3rd. I have never had to do a full gut on a home yet, mainly just flooring, paint, appliances, and interior work. I've been very lucky to not have to replace a roof or HVAC yet!!! As I jinx it right now.....

Anyway, this new one I'm looking at, it's an all brick home built in 1955. I can probably secure it for around 60k, and it's probably worth about 250k after renovation. I was talking to the guy that found me the deal and he said it has a Federal Pacific electrical panel and he's saying I'll have to rip out all the sheetrock and redo the wiring in the house as well as the plumbing because it has galvanized pipes. I haven't had to do a full gut along these lines, so my questions are:

1. Do those two items above 100% dictate needing a total gut or can a home be sold with the panel and the pipes how they are and can it be financed?

2. What is the average cost per foot to do those items, mainly the electrical, plumbing as well as all new sheetrock. 

This guy is telling me it needs 150k to reno, but I have a really good team of workers that usually keep my costs down substantially and do very good work. So I was guessing 60-70k. Any insight on this? I'm just not familiar with the flipping aspect of homes this age and just want to be cautious going in.

Thanks in advance!