Everything can be accessed by removing the light fixtures and opening up the plugs.Also, an electrician can service your panel - essentially, they put some of the special paste on the ends of each aluminium wire in the panel.

Did you check the electric panel to see if it's a Federal Pacific?  

We dont know what we may end up seeing after digging or taking inside paneling apart...

I live 40 miles away, so I called the owner of the biggest plumbing co in the city and he and 2 techs drpped everything to get to the property within 10 minutes of my call.I had put a garage outdoor access remote on the outside of the house.. they couldn't get in thru that because THE POWER WAS NOW OFF.Luckily i had put a coded door knob on the kitchen door that opens to the deck-- i gave them the code and they were inside instantly.The water heater was STILL SPEWING WATER full blast in a stream so strong it was hitting the second story ceiling and hitting the ELECTRICAL PANEL also located in the garage and that's what had knocked out the power .The plumbers immediately turned off the inside water main cutoffand sent me photos of the EMERGENCY SITUATION the pm so calmly let me know about by email an hour earlier.i fired the pm co that instant and got on the phone to start farm (my rental policy ins co) whiledriving an hour to the property.i also called the city's best WATER EMERGENCY REMEDIATION COMpany while en route.When i got there, the water was turned off ( finally)the drywall ceiling had fallen in, the light fixtures destroyed, the garage door open case was HALF FULL OF WATER and there were 1000s of mold blooms on every surface and hundreds of stacks of spiky growing black mold (looked like iron fiilings we used to play with in that game we all had as kids where u use a magnet and drag the iron filings around to put hair and a mustache on the bald guy cartoon photo) the mold spikes were 1.5" tall on the woot railings and stairs going into the house, on all of my beautiful built in wooden garage shelves--- what a mess-- like the streets of Beirut after the bombs went offand I don't have allergies -- but i could not even STAND inside the garage because the WET MOLD MILDEW SMELL was so strong it instantly gagged me and gave me a headache and i couldn't breathe.So here Ewe are on Jan 17 and now i know that the BEST rental dwelling policy dies NOT COVER MOLD REMEDIATION AT ALL ( so far $14,000) but it does cover water damage with a $2500 deductible...

I also noticed there is little blurb about "aluminum wiring" on their application of which, I'm sure these homes are at risk of having (I don't know for sure) which is why I want a policy with code upgrade if there are any problems (i.e. a fire in the panel which would require re-wiring a portion of the house).Anyone else have experience with older homes that could recommend a solution?

I'm actually speaking on a panel on this topic (intl investors investing in the U.S. market) at the upcoming Best Ever Real Estate Advice Conference in Denver Feb 24-25th if interested (see below).  

We actually use zip panels instead of house wrap, so I can say we do house wrap.

(Our last purchase involved moving an electric panel to a common hallway for the 2nd floor apt.  

Still has the wood paneling, yellow and brown carpet, original kitchen cabinets and wood countertops, original windows, currently no heating system.  

**Divide # years down to a per month cost.Roof - 25 years - ~$9,000 - monthly cost $30HWT(2) - Replace both with 3 years most likely - $2,500 - monthly cost $70Electrical - Replacing both panels in year 2- (now already completed) $2,000 - $165 / month in first yearFurnaces/AC - replacing all within 5 years - (one replaced now) - $5,500 ~$90 / monthSo this is certainly not an exact science but this was how I originally looked at it (after purchase) ... not sure if I would have bought it had I thought all the way through it but it got me into the game and has worked out great for me.