The Kokomo market is heating up.

And try to make it a positive part of renting the property; we have radiant heat and I do NOT miss the dry air that comes with forced air.

Roof is alright for now, but it needs many of the other major updates like siding, multiple heating units, pex piping throughout and many other areas. 

They said It turns on and produces some heat but not enough to actually cook anything.

As far as macro and micro market goes a certain level of over leveraged financing is normally one element that exist in bubbles.  

@Matthew Olszak - there is a stairway from the back deck of the first floor apt, down to the basement stairs, so there would be some protection from the elements.

If you break down the box (heating or AC) there are several 'modules' that go into it.

If i put 4 water heaters in a 4-plex, then the tenants can pay for the cost of heating the water, but I have to pay for 4 heaters and worry about capex on 4 heaters.

The complexity of turning a shell of a building, with what looks to be outdated mechanical systems and structural elements that most likely needs updating, as well as any city permit/planning elements are part of the equation that you have to consider if this is worth the risk.I know I will get flak from members of this forum.

I cleaned it up, installed a new heating system, and sold it for about 50% more than I paid for it after holding for a few years.