Probably electrical since the electrical panel is typically In the basement.  

@Kevin Barry If the panel is a Federal Pacific one (Not sure if that is the same as an FPE) you definitely need to swap out the panel.

Or perhaps poor health or financial strain has resulted in substantial deferred maintenance, making it a difficult property to sell on the retail market--he has a problem.

The home is essentially in good shape but dated as it's about 20 years old or so and could use some modern upgrades but it was the model home so it has features like granite counter tops, dual pane windows, French doors, etc...

The bank has held the property for 7 months and is asking way too much for the house given the work that needs to be done to it.The situation: First and foremost the original wood siding is rotting all along the base, under some windows, a bit under a gable, and a few random spots so it NEEDS to be replaced and I'd prefer to replace all the windows at the same since they're single pane and will need to be replaced eventually.  

The panel is in a finished room I would like to be locked up.

Yes, it also strained by capital reserve but fortunately it's still substantial.  

Value means all modern appliances, efficient HVAC, dual pane replacement windows, 200A service, washer/dryer, etc. 

I wonder if you could replace the broken outer pane with a double pane window and keep the leaded glass intact.

WSJ says in this recent article that "despite historically low mortgage rates and rising wages, the housing sector has been strained by a low inventory of affordable homes propelled by rising construction costs and lack of land."