If the electric is showing age and stress and the profit is there and i discounted the house when i purchased it. knowing that i need to update the electric.

Installation of sewer, water, electric, drainage.  

If this was a potential deal I was reviewing and based on the information you provided, this is how I would approach it:1) I would ask that Structural Engineer who performed the inspection of the foundation to issue you, at the Seller's cost, a current HUD Foundation Certification or Foundation Approval Letter which should include a) Distress Analysis and b) Manometer Survey effective January 2015. 2) Since the Owner agreed to bring the Electrical "Up to Code", I would be looking for an Opened/Closed Permit -OR- a completed 3rd Party Electrical Inspection Report to verify the work was completed "To Code".3) If a Pipe Bursted, one has to ask is the Heating System working and are the walls insulated properly and if so then why did the pipe burst.

I don't know North Kingstown so well but I have had a number of applicants from electric boat over the recent years for my rentals.  

The folks over at   annapolispropertyservices.com (cant remember names) showed us a duplex that didn't even had the electricity on and some of the interior doors were locked so viewing some room was impossible. 

Lead pipes, or out of date electrical or something else?  

Also what about electrical fixes--this condo I am buying is in need of ground faulted outlets, as it was built prior to that being a building code.

Next is to start doing hvac, plumbing and electric.

Must we assume this 1960's house meets electrical and plumbing codes, no lead paint, etc...?

Heck, the homeowner is too irresponsible to fix the missing shingles on the roof or the naked electrical wiring on the side of the house (which the judge used to knock down value).Be very wary of judicial states, especially in deep "progressive" states.