Therefore, if you decide to budget for wiring upgrades, you may want to budget a healthy amount for new plumbing as well.Do you have any info on the foundation? 

Every decade has it's own points of concern including heat, electrical, plumbing, insulation and foundation.

Have a foundation expert inspect it and use that to negotiate the price.

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Make sure you have a good foundation so you can do other jobs.

As well as building a strong foundation for my future kid(s) to have a comfortable and well provided for life.

Home was built in 1916, has solid bones, foundation, and a new roof, although electrical has multiple generations of knob and tube and shielded wire with some new romex.Purchase Price: 149k $37,250 (25%) Down Payment + $3,750 Net Closing Costs30 Year Fixed 3.875% LoanCurrent Rent: $1,350 per month (675 x 2)Expenses:PITI: $780CAPEX: $135Vacancy: $100Maintenance:$100Current Monthly Cashflow: $235Immediately after close rebuilt rear stairs, replaced kitchen faucet, a fridge, and a water heater (with seller cash from close).

That value should be close to the market value of the property minus the land and foundations market value.One thing to be aware of is, if you insure based on ACV, a partial loss will have a deduction for depreciation.

Work just got underway and master bedroom and bath shows that there is leak which was previously patched going to foundation.

It is a complete gut: Foundation, Electrical, Plumbing, Roof, Drywall (walls and ceiling), Additional Bathroom, Cement Driveway, Back Porch, Landscaping, EVERYTHING.