Shoddy handyman electrical work and the utility company

[Jane Dunn]

I'm living in a rent home that I want to lease-purchase as my first investment property (update, and rent). It was built in the twenties and has a fuse box inside as well as a newer box outside. I can see myself that there are numerous code violations, but from reading a post regarding intermittent power outages to certain outlets, it looks like I need to have the electric company come check their end.

So, 

1) would the electric company cause me and problems regarding the code violations,

2) how can I use this to my advantage in the sales negotiations, and,

3) I can do some of the interior writing, but what kind of bucks will I be looking at to replace the box?