. - We came into the business with enough capital that losing money on our deals wouldn't put a strain on our financials or our relationship

Use to be most municipalities would allow you to simply replace a fuse box with a circuit breaker panel I do not know about all municipalities because codes and requirements differ according to the Authority having jurisdiction in the area but here where I live if you update the panel meaning installing a new circuit breaker system you also have to update the entire electrical system , meaning rewire the entire house. 

I noticed a window or two with broken panes on the second floor, It was a two story.

{single glaze windows or bad thermo-panes}Is there a gap between the snow and the side of the building {poor insulation levels in the basement and/or above ground walls, a draughty sill plate, etc}As you roll towards spring {rumour is - it is on its way}, you can also look for movement in the foundation, stairs, decks, etc.I will case a building months (or years) before ever making an offer to get to know it.  

That doesn't mean, they are plugged in all the time, as that is a strain on cash.

The $13,000 includes:Replacing one entire gable, repairing another gable, tearing out all bathroom tile and old vanities, new flooring (vinyl plank), 4 new ceiling fans, 2 new toilets, 2 new bathroom vanities with new countertops, sinks and faucets, new kitchen counter with new kitchen sink and faucet, paint on all surfaces inside and out (except brick), new doors, new hinges, new cabinet hardware, new bathtub surround, minor carpentry repairs, all new light fixtures, all new switches and outlets throughout, some minor electrician work, minor plumbing work, various minor drywall repairs, gutter repairs, painted concrete porch, new pillar for front porch, doorway thresholds, all new blinds, replacement of a broken window pane, all the appliances, and all the labor.

The electrical panel is recalled federal pacific and is deemed dangerous.

This makes much more sense to me assuming it doesnt put a strain somewhere else. 

However, that's a headache and can put a big strain on a the tenant (assuming it was legitimately lost).

I also build investment duplexes, and that would put a strain on you, as there are alot of choices to make when building a house.