I have an offer on a property that is currently occupied, but the inspection report says it has outdated electrical (aluminum wiring).

It was extremely outdated, but well maintained so I was able to get it for $141,000.

It was very outdated and needed some love.

Here's something to think about:If you start tearing out walls and such you better expect to have the local inspector involved and if the house was built in 1921 there could be other things considered "out dated" as far as code is concerned.  

@Pamela Holmes Some of the responses here are incorrect or outdated-There is no holding period for Investor purchases of HUD homes and they can be resold at any point . 

The bathrooms and kitchens are outdated but fully functional.I've done subject to before so I offered to take over her mortgage in order to do repairs and get each unit up to market rent.

They're outdated and dangerous. 

Wood paneling is very 70's and outdated in my area and the greater % of buyers would appreciate drywall and paint much more.

I'm kind of leaning towards first reply, just junk it and get a top hanging slider. trying to save outdated and vintage mechanical trinkets is a lesson in futility.

Zillow has a lot of inaccurate, outdated and “estimated” I formation.You are experiencing of the risk with installment sales/land con contracts.First, it is relatively easy to find out if the property is actually in a foreclosure process on your local county websites.