Galvanized pipe has a life expectancy of about 50 years. Typically hasn't been used since the 50's. It is at or past the end of its useful life. Even if you repair it, it will fail again in short order. The consequences could be financially significant. Now since you mentioned the presence of knob and tube wiring-get an electrician, fast! This type of wiring has not been used since the 30's it is well past its useful life. Many insurance companies will not insure a house with this wiring!
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My money talks to me-it usually says goodbye!
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