1920 home considering rewiring

[Jordan Snedaker]

Just purchased a home and getting a plan to begin BRRRR method. Walking through the home I realized the number of outlets is very limited and the electrical system is very far outdated. The home has plaster walls and the elctrical is knob and tube. I need some advice on how to or wether or not one would suggest to update the outdated electrical.

My fire impression is to update electrical as I have pride in ownership and want the future SFH rental to be nice. I realized quickly that updating the electrical from Knob and Tube can very quickly become a huge job if I'm tearing down walls to the studs. I think this would be nice however also want to consider if this update is necessary. Does anyone have any experience updating an older knob and tube electical home? Is it necessary to update electrical? Is the juice worth the squeeze (Will i see a return on investment by updating electrical)?

For anyone that has rewired a home with knob and tube. How did you do this process? Did you remove all plaster walls and sheet rock the entire house or do you recommend fishing wires and cutting holes in the walls?

Thanks in advance for all your support and help.

Jordan