You best bet would be to get an electrician to look at and get an accurate estimate to evaluate if it's worth doing.

If you read more of the BiggerPockets forums you will find that in places like Florida and other highly volatile areas, betting on appreciation is more like gambling.If it is a long term buy and hold and you can sustain the annual negative cashflow, then it makes sense.  

I bet...

There are many factors at play and trying to bet on appreciation is how I see the most investors go broke.

Nice 4br 3200 SQ/FT typical cookie cutter neighborhood...And I am betting it sells within 2 weeks of listing for close to 400k.

You are betting against the insurance company. 

This is probably your best bet with the banks, but requires additional thought on your part to figure out what works.

Bloomberg wrote about Sam Zell, famous value investor, in a May, 2010 article, “Zell’s Firm Raising $500 Million for Brazil Propertyâ€: “Billionaire investor Sam Zell’s Equity International is seeking to raise about $500 million to step up investment in Brazilian real estate, betting interest rate increases will fail to stem demand as the economy grows at the fastest pace in two decades.

Is there value in setting up an LLC, you bet, but don't think it will save you from plaintiff's attorneys.

I painted the whole interior in 2 days with the help of a friend.If you can do it yourself save that money.If you cannot do it yourself, my suggestion is to quote with different people and go with the best bet.