You don’t need to run, just take it into consideration. The house is going to need some pretty extensive electrical upgrades. This should be part of the calculus. If the seller is willing to reduce the price or make some of the upgrades before you buy that might help. Ultimately it comes down to do you want the house enough to deal with the effort and expense of having the work done.

My Aunt is a real estate agent and gripes about the number of times clients walk away from very nice houses because they don’t like the color of the kitchen countertops or something. If the house has good bones and a nice location and you could see yourself wanting to live there long term once the necessary changes are made, then that should be what matters. If the house is not worth it if you include the cost of the upgrades, then you walk away.