A house 3 doors down from us was apparently half knob and tube and half modern wiring when the owner bought it. They had it re-wired, but I don't know if it was for insurance purposes or if it was because they thought the half-and-half-ness made it a death trap (which would still be an insurance issue, I suppose).

All of my expertise comes from HGTV, but having the rental income would make me feel better about the prospect of needing and/or wanting to do a lot of work on the place.

On the other hand, they're running at least 6 ac window units in the (large) building, and it hasn't burned down yet.

they're running at least 6 ac window units

Oh my god, that electric bill.

Ouch, that does sound like quite the bill.

Would you be able to afford a month or two here and there without a tenant?

Will your taxes require a lot of professional help, as a landlord? (Will it HELP your taxes because you can depreciate or somesuch? Or hurt because you can't deduct all the mortgage interest?)

It's super cute. I'd figure out how much replacing the knob and tube would run and add that to your theoretical budget. I mean, if the place cost $20K more (or however much replacement runs, I have no clue), would you still want it? (Keeping in mind while it sounds like a lot of money as a separate "we need to do $X of work to this house!", when added to a mortgage it doesn't sound so crazy)

It's a lovely house, and it hasn't had dreadful things done to it. Would the rental income be enough to put in A/C and rewire the house? You could put in a ductless split system and not have to install ductwork.

I did not know about ductless split ac systems, and now I do! You guys are so helpful.

Are you working with an agent? Definitely if you make an offer, you should have an inspection contingency, and I would think that if it's not insurable that falls under a financing contingency.

Parts of that house are lovely and he has great taste, but that kitchen...oof. Given how much time is spent in the kitchen that might be a dealbreaker (it would for me).

Oh, I love that house. So pretty. I will not try to advise on the practicalities of making an offer. I think my track record shows I am NOT savvy about that stuff.

Shouldn't there be two pictures of kitchens (one for each unit?) Is that tiny tiny room with the white and glass cupboards a kitchen. The other one doesn't look bad to me, but I currently rent a spacious but horrible kitchen with no counter space, and I hate granite counter tops.