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I do not think it would be considered a problem if that what was commonly used at the time of construction and is in good condition. However, having said that I have recently viewed older homes with my son and always cautioned him on the possible expense of upgrading the electrical in an older home. It addition to older materials like you have mentioned, many older homes were not wired with todays modern appliances in mind. Many older homes only have 60 amp service (200 is common today). many older homes never envisioned large refrigerator/freezers, dishwashers, microwaves, washers. dryers or modern HVAC.
Just be aware that if you plan on upgrading the home it could mean a major renovation.
If you have paper it probably is the newer wire...plastic insulation
If it's a single conductor with cloth and rubber insulation it's a problem because the rubber becomes very brittle and will break off when handled exposing the single conductor.
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