Properly installed electrical work is extremely reliable, meaning the term of service is very long. Long service lowers the cost over time (paying more for longer lasting work is a good bet).
The NM could have served reliably over the last 50 years and look pretty much like the day it was installed. If you can look at it and judge it could easily serve another 50 years, I would always take that bet. If it looks like it won't last another 50, you can bring your concerns to the owner.
Generally all of the old professionally installed electrical is still working reliably today, but the loads have changed with things that did not exist in 1950 when 600 watts was a big load on a residential circuit. That's when I like to leave the old wiring for the numerous 100 watt loads and run direct lines for everything with a load for that. So the new NM would go to the kitchen counter, A/C window outlet, washer, fridge.