How bad is the wiring? You can update without completely changing. You will probably need to add some GFCI’ s at the kitchen and bath areas. The service at the house is the expensive part and can be rebuilt with a new meter can and breaker box for less than $2K.
Figure your numbers closely. It may be a tight deal. At a sale price of $325K most rehab folks will only pay 70% of that for the property and fix up costs especially if they are using a hard money lender. At your figures you will not be able to borrow any rehab money.