THe last owner hid knob and tube wiring in the walls; this increased the electrical from $2500 to almost $6000 since we how have to rewire all the electrical in the house.

As a first timer, I'd avoid anything built before the 1960s that could have cement sewer lines, knob and tube wiring, etc.

Value added by turning a 3 bedroom, 2.5 bathroom into a 4 bedroom, 2.5 bathroom This includes new roof, 2 new HVAC systems for split units, water heater, updating electrical/removing nob & tube wiring, plumbing updates, 17+ brand new double paned windows throughout, leveling out the flooring and adding hardwood throughout the entire property, replacing all drywall on walls & ceilings with over 100 new sheets, gutted both bathrooms to update tiles/vanities/ tubs and showers with 2x1 tile throughout for a modern feel.

I already know knob and tube is all throughout the property which should run about 30k to replace.

Quote from @Fillip Nelson: If the old wiring is knob and tube I would suggest you do get it rewired..

Check the electrical panel/wiring/outlets for any signs of old wiring/knob and tube.

San Marcos, which isn't far from there at all, is home to Texas State University, as well as a recreational destination for the river tubing, which is a huge attraction.

@Amby Bhagtani If they don’t have knob and tube wiring you may still find yourself needing to upgrade the electrical.

Look them up on you tube 

You can spin your sales pitch any way you want but Mr Ramsey s description of people like you pushing people into high priced life insurance under the guise of a financial strategy is on target.Readers should search You Tube for expert discussion about whole life or universal life and reasons why it’s a terrible idea.