where is the electrical panel located? 

The city came out to inspect for point of sale and decided that they missed the electrical panel being a federal pacific panel, my contractor failed to tell me this, so I had to have the panel replaced, profit now $2k.

If you take one down (but please don't do that yet), it's similar material to the 2'x4' drop ceiling panels you can get today, but a little thinner.The problem is that some of these tiles contained the all-purpose miracle material, asbestos. 

I would contract a HVAC guy for bid for system, a electrician for separate panels / meters. and a Plumber for separate water heater and  gas meters if needed. before you submit a  bid.

For a recessed panel, square, painted white cabinet + install their total price was lower than Home Depot, Lowes, and the one other local shop I tried (Limpus Cabinets).  

I will be hiring out the installation of new electrical panels and water meters.Any thoughts?

For me, cost seg is the practice of pulling the personalty out of the purchase price - perfectly legal, becuase Im not doing the more complicated things of a comm'l study - such as how many feet of wire that run from the fixture to the panel are included in the 5 year property.

We put in a tankless H20 heater and upgraded to a 200amp panel out of necessity. 

Plus solar panels all over the place and wind mills.

You should have gone up at least one panel length (4 feet ) up on the wall.