I suspect it might be allowed for me to reuse most of the boxes, outlets, switches, and lights, but would likely have to replace all the wire that was pulled behind walls as well as the main panel.  

I would make sure you have enough margin on this deal to cover any unexpected problems.

He executed on three of his four value upgrade strategies and unexpectedly received an offer six months later.

Rough-in means the wires are connected and attached to studs, but have not been connected to outlets, fixtures, etc.

Poop in the walls behind outlets where it was discovered. 

Outlets not GFCI.

@Devin Duval The only thing I'd caution you on is any unexpected renovations that might be needed.

All capex Items except the roof (was redone right before I bought it), flooring, paint, landscaping, toilets, faucets, light fixtures, door hardware, outlets..... you name it we probably updated it.

The reserves are for unexpected repairs and vacancies. 

I wanted to add some outlets in some rooms; an easier job with DRYWALL.