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! 

[Pat L.]

Last year we gutted a 1400 sq ft circa 1950 2 story home got it for $49k (foreclosure). We had to replace all the plumbing ($3400 in materials), we did all the work. I replaced all the wiring to code with 12/2 & upgraded the panel to 200amps $2800 in materials. Permitted & inspected & we were allowed to do all the work. 

Our total gut ran about $65k inculding all new drywall as the walls had an adobe style finish, plus we added two additional 1/2 baths. Roof, siding, entry doors, windows had already been upgraded.

[Kevin Ivey]

Quote from @Pat L.:

Last year we gutted a 1400 sq ft circa 1950 2 story home got it for $49k (foreclosure). We had to replace all the plumbing ($3400 in materials), we did all the work. I replaced all the wiring to code with 12/2 & upgraded the panel to 200amps $2800 in materials. Permitted & inspected & we were allowed to do all the work. 

Our total gut ran about $65k inculding all new drywall as the walls had an adobe style finish, plus we added two additional 1/2 baths. Roof, siding, entry doors, windows had already been upgraded.

 I know in Washington state, unless your licensed plumber or electrician you can't do the work on your own property and sell with in a year.   The permitting and law does allow a home owner to do the work, and then inspected (which are more thoroughly done) if they live there themselves for a minimum one year.  

So just figuring materials costs, and your labor may not work in your market for a flip.  Also there are a number of nuances to the electrical code and load management per breaker.