We moved into a "beater" row house in the 1980's.

Address the "clean" and basic liveability first !

Before moving in the furniture;

Paint every room.
Scrub/clean everything not painted.
Shampoo the carpets


After the furniture;

Trace/mark the electrical circuits
Replace all the outlet sockets.
Install a shower in the bathroom.

During the year;
Have insulation blown in.
Install storm windows
Insulate hot-water pipes.

We lived there almost 15 years.
It was like a full-time hobby for the first 10 years.

re; Power;
Most homes built after the 1930's have adequate
( basic ) electrical circuits.
Even "knob & tube" can be adequate for light duty.

And using modern compact flourescants reduces the load.
The kitchen, with toaster, fridge, microwave, etc.
may need a new circuit....

I wouldnt worry about grounded outlets either.
Other than fridge,washer,gas-dryer....
almost no other household appliance uses a grounded plug.

re water;
If you've got copper plumbing, you're OK
If you've got iron pipe, you've got some replacing to do.


rj