Water / electeical issues

[Jesse Stemle]

Hey everyone,

I got a home under contract (closing August 19th) that I’m looking to live-in-flip myself over the course of 2-3 years. Yesterday the property was inspected and a few things came up that I’m unsure about.

For starters there are a few active water leaks (one from the kitchen sink drain) and another that’s in the wall but the drywall is clearly damp. It appears that it may be coming from the upstairs bathroom sink yet I’m not totally positive. There’s also water coming in along the edge of the slab (that is below grade in the back since it’s a tri-level) and into the half of the home that has a basement during a hard rain.

I believe this is because all the downspouts along the back of the house are disconnected allowing water to just flow along the side of the foundation?

Electric wise there are also a few plugs throughout the house that aren’t hot and the panel has some missing knockouts which the inspector said was curious.

Other then those things the house is just extremely outdated cosmetically. It was built in 1963 and not much has been touched since other then the roof, AC, hot water heater, sump, etc. which have all been replaced in recent years.

The purchase price is $120 and the ARV is right around $200 I believe. I work in remodeling so I'm planning on doing the majority of the work myself while renting out a couple bedrooms to friends as I'm in college and don't have a ton of stuff going on.

I’m just unsure about the electric and water issues and am curious as to if it’s possible that I’ll need to replace all the plumbing and electric making the deal no longer work.

Any information or advice would be greatly appreciated!

Thanks!