Many of the 100 plus year old houses get hit from knob and tube wiring here.. the last victorian I owned some asshole electrition went to the trouble to rewire the basement, 1st floor and second floor with BX cable (even though he could have used romex by code). I did some work on the third floor and found this asshole tied the knob and tub wiring into a junction box fed by one circuit. Turned out they never replaced the knob and tube on the third floor.. how the inspector missed that is hard to understand. But it must be common in that neighborhood as most fires where third floor fires in the old homes.
The old victorian to my suprise had a roof lightning rod network done properly to ground.
Will this make a profit in the time frame from start to sell.. here if a house isn't flipped in less then a year you pay the property taxes. That a big nut in some areas and can put you in the hole on a project flip
Here in CT, property taxes are pro rated at closing.
i.e. property taxes are levied on an Oct 1 - September 30 year, amount $4800/ yr.
If the closing is April 1, six months into the taxyear, the seller pays the buyer $2400. A flipper owns it for a month of the taxyear, the buyer gets back $400. If the renovation takes 11 months, the buyer gets back $4400 at closing.
Here in Indiana they give homestead exemptions to banks that own foreclosed properties, then when someone else buys it they bump up their assessed value. Apparently homes that are owned by individuals are worth more or something.