Oil Furnace Coversion

[Awet Hagos]

I have a SFR rental near PLU that currently has an Oil furnace (above ground). There's no access to natural gas so I'm pretty limited on my heating options.

I was thinking of replacing the oil furnace with an electric furnace. I asked around and with the Covid-19 impact on supply chains and rising inflation, the cost estimated I’ve been getting are very high ($6.8k).

There’s nothing wrong with the current setup but I think it’s a value add (yield $150/month rent increase) and less hassle for tenants.

Tenants are current responsible for all utilities.

Would love anyone’s thoughts/inputs on Oil furnace conversions.