PT, not only was someone cheap, they are stupid and putting everyone in that building in risk. I’ve reported guys like that, especially if it is a rental and I’ve got a friend living there.
But that's the thing, there really is no danger. Current that's contained, is still contained. Regardless of how it's routed or the color of the coating.
The only danger that comes into play is having too much on one circuit. There was an issue with that just prior to me moving in. That was because more appliances were being added to the kitchen. So they ran 3 separate circuits.
If by some chance I'm allowed to buy this house, I will be redoing most the wiring. And adding some new wall plugs. This house is 50yrs old, and built by local folks who knew what they were doing. Even if no one else did. There's been no shorts or fire hazards. (regardless of what some building inspector says about it).
Funny thing, people around here who have about the same size house are paying about $50 to $150 more per month for electricity than I am. And all their stuff is at least 20yrs newer than mine.
If it ain't broke, I say don't fix it.