Buying a house with knob and tube wiring and other 'TLC'
I've been interested in a 1200sq ft 3bed/1 bath 1950 house in San Francisco area that's been on the market for more than 2 months.
It's borderline TLC/fixer upper with all original knob and tube wiring with 3 red, 2 blue and 1 green fuses in this small electrical panel and noticed all the outlets had small black scorch marks. I'm wondering if it's worth the cost and about how much to rewire the whole house?
Also when a realtor posts "needs some TLC" in this house listing does it still apply if:
The whole back of the house has many cracks in the stucco and there is some white efflorescence water damage on the floor joists and rust on the copper water pipes in the basement as water dripped from the bathtub drain.
Possible issues with the flat roof that has gutters that had fallen off or completely rusted away with a giant hole in them.
The original bathroom with cracked wall tiles needs to be gutted and remodeled.
Original 1950 furnace with possible asbestos wrapped ducts.
The only things that's in good condition were the floors, interior walls, doors and most of the wood windows.
I really like the layout of the house and the neighborhood, but I'm worried by the huge amount of TLC for the money and time to make the house livable.