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Updated over 7 years ago, 04/09/2017

User Stats

66
Posts
11
Votes
Peter Morrissey
Pro Member
  • Rental Property Investor
  • Syracuse, NY
11
Votes |
66
Posts

One boiler for five units?

Peter Morrissey
Pro Member
  • Rental Property Investor
  • Syracuse, NY
Posted

I have an opportunity to purchase some properties before they are listed. one of them is 5 units but only has one heating/electrical. It is zoned for the five units. It is a boiler which I am told is generally more efficient. There is a cost listed for the utilities, and I can ask to see bills to verify. So in the end it is just a matter of figuring out what rents I could get in that area which is pretty nice. I can  handle all of that, but just wondering what complications having one heating system could cause. Concerned that there would be difficulties for each tenant to regulate heat to their liking which will also vary by prevailing winds as it does in my house. More drafts on the north/west etc. I grew up in a house with radiators and it did have a valve that could be adjusted so maybe not a big deal?

I also think advertising the price could be an issue. If I have to pad it say one or two hundred to cover my costs, it will appear higher on a search. I suppose I could advertise the price w/o heating and then in the add clearly state that heating/electrical is an additional flat fee and list it. I also don't want to do anything misleading or illegal.

Any other pluses or minuses for this approach? Only one heater to maintain might be a plus although boilers cost a lot more to replace.

I hope to view the property in the next day or two.

I am aware that I will need a commercial loan due to the five units.

Pete M.

  • Peter Morrissey
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