My gut feeling and research is telling me the sellers did a poor job on the breaker panel and wiring.

Seems like your gut is telling you not to.

I am guessing you like the numbers you see in Strawberry Mansion and Norristown (Montco not Philly) but do you know for a fact that at those numbers, you can do a full gut rehab and be at a number that will allow you to profit, and along the way make some sizable mistakes especially if this is your first project . . . 

My gut is to make it a weeknight evening.

Trust you're gut.

All that said ... my gut says this might go away for a little bit.

In 2022, we also bought a gutted 56-unit apartment complex and fully renovated it in 14 months (over $2.25mm in construction)!

Purchase price: $630,000 Cash invested: $120,000 Completely gutted this property, brand new electrical, furnace, propane, finished basement to create separate unit.New garage with rental unit.

Then at the last minute, I had a strong instinct to pull out and did not follow through.

My last few BRRRRs I ended up with negative equity, even though after a full gut rehab, still worth it in a market full of old houses.