The value of buying your first property lies in the insane amount of knowledge you will learn, any cash-flow and appreciation is a bonus. 

Thor out numbers with percentages when you are analyzing...they don't tell you anything of value, and worse, they usually lie to you. 

If they are going to lie, which they clearly have then yes I am able to pursue them for the damages. 

Or they could be attempting to count an unpermitted addition as sqft or the least likely option is they are just lying. 

The current landlord may lie to get rid of a bad tenant.

Many 'tax professionals' lie that they are a CPA.

So don't lie. 

I know in this market there HAS to be a lot of this wiring...I just can't wrap my head around is everyone paying to re-wire the houses, completely oblivious to having this wiring, or just lying about it?!

As long as the business name isn’t ridiculous I guess but that’s often not the case…if you’re communicating off market, it depends on the seller’s position since motivations may lie somewhere different.

And this LIE that these are some small or mid sized business's there protecting is LAUGHABLE!