Scrap iron gets you about $0.10 per pound, and that is what the boiler would be worth.  

That said, if you own a property long enough, you will need to replace a roof and could need tuckpointing and probably a sewer line if it's still the original 90+ year old cast iron. 

If it's a house from the 50s/60s never updated, then you might have galvanized plumbing and old cast iron drain pipes.  

Ironically, of the 3 primary residences I have lived at before my current one, they were sold:Home #1 - Sold in early January.Home #2 - Sold in mid-December.Home #3 - Sold in early November.Obviously, I also bought around those times as we moved into a different location each time.  

The first few months can be a little choppy as you figure out systems and iron out the kinks, after that I suspect they will smooth out.     

Currently looking for CARPENTERS, ELECTRICIANS, PLUMBERS, ROOFERS, DEMOLITION MEN, WROUGHT IRON WELDERS, TUCK POINTING / SIDING, PAINTERS, GRANITE, CONCRETE, IN GROUND POOL PERSON, CLEANING/DETAILING PERSON, ROOFERS (regular and wood) and possibly some others I'm missing.  

Adriel Irons - Any accumulated depreciation goes away when the property goes into an estate.

This is kind of ironic though because state LLC laws don't even require an operating agreement. 

My recommendations to new investors would be to invest in newer homes without cast iron piping and do a thorough inspection. 

I have been looking into bidding on courthouse auctions but haven't ironed out the process out.