Repair or Replace? (furnace)

[Shawn Rana]

Hi everyone,

I created an account on here about two years ago, forgot about it, then started meandering around the forums again a week or so ago since I bought my first property.

Anyways, I recently bought an REO condo and the electric furnace is very old (about 20 yrs) and very poorly taken care of. I was quoted at approx. $700 for repairs, and $1700 to replace it. I plan on selling or renting out the property in 2-3 years.

Please tell me what you would do in both a renting and flipping situation.