There is a wood paneling on 1 floor.  

Currently the panels are in the basement.  

I am in contract right now on a hud home that wasn't winterized properly so it has burst pipes and also needs a new electric panel.

As you know, there are windows that go for $500/panel, there are also $2000/panel.

In my experience, they care they most about:1) Door condition and door hardware2) Smoke Detectors3) That all 3 pronged electrical outlets me grounded4) That the electrical panels are up to date5) That no common area utility is paid for by a tenant (no hall lights on tenant electrical bills, etc.)6) That all windows be able to be opened, and stay open (lift open 3-5 inches, and when you let go, it will stay in that position)Hopefully this helps.

My personal residence once had the meter in the garage ... only in this case, the meter was on the outside of the house before the garage was attached.Moving the meter to outside is pretty easy, depending on how far you wish to have it from the existing shutoff and panel.

If I were to buy the 57 yr old comp house and decide to add Central A/C and replace the paneling with sheetrock and other updates, would the price for sq. ft stay the same or would it add value to the house?

Probably will need to move the electrical line and upgrade the panel.

, there was essentially no grounding from the electrical panel, not to mention the whole house (including the bathrooms and kitchen) had carpet.

CB main panel unlabeled.3.