With an open ground, depending on your area's electrical code, you may be able to use GFCI outlets or a GFCI breaker rather than running new electrical wiring.

Is the $22K purchase price a deal breaker?

That alone was a deal breaker.

But they were predominantly used in land deals not many for homes until it became popular through the guru circuit.

If you truly are a greedy, evil, law-breaker, the market will put you out of business much faster than any government could.If it wasn't for flippers/rehabbers, think of the enormous amount of vacant and vandalized homes every town would have.

Circuit City never suffered for a lack of product on their shelves, they suffered because people didn't want to buy their products at those prices.So as a wholesaler, you need to build a list of cash buyers.

The difference between $129K and $144K on a $350K house is not a deal breaker.

This would include the drawing of the property, location of breakers, and other stuff that you don't need to be an electrician to know of.

If you're renting, I don't think lack of a garage will matter much, and if you plan to resale I don't think it would be a deal breaker.

That said, I spoke with the lead electrical code inspector in San Antonio and, as I understood it, updating ALL the electrical is only required where modifications are made i.e. you put in a three prong plug where there was only ungrounded wiring before, that circuit needs to be rewired.