Beridan
DIY
It might be easier to list the few things right with it. I have noted what appears to be burnt or frayed hot wires. I have only seen the pictures provided but this looks less than professional to me. The house is 1957 construction and may have aluminum wiring (probable cause for the burnt wires?). Appears that moisture is penetrating the can because there are signs of corrosion. What do you think? Time for the pros to install a new panel box? This is in Las Vegas, NV if that matters any.