But I want and need to learn at my age I do think. 

At your age, money should not be your driving factor it should be to acquire skills, money will come later and in boatloads if you develop your skills now.

The house's electrical system seems to be functioning properly, but given its age, we're wondering whether it would be beneficial to replace it entirely( I.e update the whole electrical system) My question is this: Would installing a new electrical system increase the value of the house and make it more appealing to potential buyers?

You have great goals at such a young age.

Of course there are discounts for security measures, gates, guards etc. that everyone would get but homeowners premiums are derived on so may factors such as insured age, household members, claims history, ROOF AGE, age of the home, scheduled property, pets etc., so if each home is individually owned this would be near impossible. 

An age would help, too. 

@Dennis Hill if the house meets standards of that size family, enough beds baths and room size for children, then follow your standard rules, like I make anyone 18+ years of age qualify on their own unless they are a dependent of main tenant (prove with current tax return).

This is by no means to brag but I am living out my vision of being business owner, building long term wealth at a young age through real estate and having the freedoms to create my own schedule and building for the future for myself.

I aged about 10 years through this process, but grateful we got it done.

The amount needed depends on factors like property age, location, and personal risk tolerance, with a general guideline suggesting 3-6 months of reserves.