It depends! (Don't you love that answer?-- but it DOES!!) Is the house a rancher or 2 story? on slab or with good crawl space or a basement for access to wall cavities? accessible attic?, etc.
Electrical work is certainly a do-able renovation for most houses in our area, and can be a good fix-up investment. And with the slowdown in consttruction you should be able to find a conractor who will take a look at it in a reasonabale timeframe right now.
You might consider putting an offer on the property contingent on getting a satisfactory estimate for work to be done.-- just a thought! :))
Call me with more particulars, and I will be able to give you more information... more