Most of the other buildings and infrastructure on the island are of more modern design and development.

Now I have some projects and I know what I want it to look like but I need an expert that will show me how to knock down the right walls and use the right cabinets etc.. so I'm curious to know if anyone knows of a good architect in Austin that specializes in modern remodels. 

Modern appliances. granite.  

For example, if the seller is an individual taxpayer that is in a lower tax bracket and is well past the age of 50, then these options may not be something worth exploring but I mention them solely because, it seems that lately I have seen tax attorneys become extremely creative, within, of course, the letter of the law.Finally, I apologize for any type a graphical or grammatical mistakes as I am dictating this in my cell phone.because I'm not near my laptop 

You definitely were right on with the chic modern look!

Kitchen has white laminate in okay condition, kitchen and bathrooms have wallpaper in bad condition, one bathroom has slightly rusted light fixtures, the grey wall paint is either gloomy or chic (you choose), backyard has patches from the dog, master bedroom has a weird wood inset, garage has a big dent in the dry wall where someone's car hit it, Where would you invest to make it feel more clean and modern?

A rarity in modern times. 

Is it possible that any 1920s era homes that have been "modernized" don't have an electrical system with a lifespan of nearly 100yrs?

American Family Ins may refer you to their sister company American Modern Ins. 

I found another house not to far away for 260k with a little more modern upgrades but not a lot.