I can see the following as options:Get rid of the steam boiler and install high-velocity AC/heating (seems like the best, but PRICIEST, option)Limit steam heating to a single unit and install electric baseboard heating on the other two units (perhaps the most cost-effective way to go, though I would still have to install separate AC window units)Limit steam heating to a single unit and install ductless mini-split AC/heaters on the other two unitsRepair/replace the steam boiler with another steam boiler, fix any radiators that have issues, and keep the status quo without zoning heat (not ideal - I can already imagine the third floor being one extreme temperature while the first floor is another)I'm really new to all of this and at a complete loss right now for how to proceed.

I think once the weather pics up sales velocity on cars like this increase so maybe get an ad going in a couple months. 

Matt, the appreciation rate may top off, the velocity of money, the time to recover the money increases the IRR as the return is measured over time.

Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

I don't know the market velocity in Upper Darby, but for listings that are priced correctly in our area it's nearly impossible to get an inspection period.

We plan to replace with tankless water heaters and in-unit high-velocity small duct central heat and air (using electric baseboard for the garden unit heat), and also remove all the radiators from the building.

The reason we're thinking about Apartment is the hope of gaining some velocity.

Plan to transfer this equity into other projects and keep the velocity of money moving.

We were only able to start doing these after we put together a system, a team, and gained experience and credibility over a couple of years.your describing the BRRR method which is anything but  NO money down.. as one moves into this business it does become possible to do deals with none of your own money.. happens every day.. but in the context of folks on BP that are generally speaking starting their journey.. they have neither the experience or knowledge how to do that.When you get some velocity behind you then yes many business's in the real estate space the sponsor or owner of the company leading the charge may have NONE of their own money in the deals.. 

Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.