BC_MoMHmm... I really want you to get the house! Maybe do a few things at a time? Get the windows in first, and then gradually start to renew the wiring and electricity?
Take it from an ex Electrician. Wiring from 1913? If you buy it upgrade the electric immediately. It sounds very dangerous. The windows can be covered with 1/4 in insulation and then plastic. who cares what it looks like in the winter. Its cold out there, keep the heat in. Hope you both make the right decision.