Is this inspection a deal breaker?

[Jesse Aaron]

Hi all, I recently made my first offer. It’s been quite overwhelming so far, but everything seemed to be going smooth until my inspection report yesterday. The “highlights” are copied below. Is this a deal breaker? Should I renegotiate? Or maybe tell the seller that he will need to fix this before I can move forward.

“Knob and tube wiring, older wiring, and exposed splices throughout attic. Ungrounded receptacles throughout the home. Undersized wires and double tapping at the main electrical panel. Electrical in the laundry room.

Recommend home is re-evaluated by a licensed electrician for repairs.”

“S trap plumbing throughout the home underneath sinks. (See Kitchen and Bathrooms) Recommend re-evaluated by a licensed plumber.

-Recommend the receptacles in the kitchen, bathrooms, and exterior are GFCI protected.

-Possible mold or mildew. Recommend tested. (See Office).”

“Siding and trim is damaged / deteriorated throughout. Recommend repairs to reduce moisture damage. (See Exterior) -Toilet leaks when flushed. Recommend repairs. (See Half Bathroom)

-Water heater appears to be actively leaking at the connection. Recommend re-evaluated by a licensed plumber.”

Home details- 1954 with only kitchen and laundry remaining from original structure. Everything else has been added over the years. 27,000 sq ft, seller asked 165k originally, reposted for 145 and we agreed on 135k.

The electrical is my main concern. The plumbing I can handle and I was aware of the exterior damage. It should be an easy fix. But is this a typical report for an older home are is this a deal breaker?