Good to have an electrician friend to give you an honest assessment. Old wiring can be deadly; as the load on the wires increase with increasing wattage, the wire runs hotter (hair driers, 100W bulbs, flat screen TV's, and so forth - stuff that did not exist in 1950). The insulation decomposes with the heat of higher currents, and the result can be fire. Old connections can loosen, especially if not done properly in the first place. In our previous house, I found an outlet in the kids room was charred inside from a loose connection (and the loose connection powered the kitchen lights... odd!).
Last year, we paid 25k to have a full house re-wire, plus service upgrade to 200A. Lots of small holes in the walls, three folks crawling all over the house for a few weeks. Every wire was replaced, two new panels installed - probably overkill, but the house was empty (just bought it) and I thought best to make all the mess at once. We found a few doozies in the process, so I am glad we did everything. For example the master bedroom outlets were wired with a single hot wire. The neutral was connected to the cable shield (a low quality ground).
In your case it might be prudent to review a few outlets, e.g. bathroom, kitchen, and other places where you plug high power loads in. Electricians make many holes, but they tend to be small - compared to the plumbing work we did, plastering up 4"x3" holes was nothing! (Can't snake pipes!!)
Good luck!