The reason is takes NOI into account is because, at the end of the day, investors are buying a certain income steam.  

Apparently, the steam system is very old and the valves and vents are leaking.

I understand Texas State Legislation has denied the bill but I was wondering if any other members within cities in the Southeast are privy to the phase-out picking up steam in their area?

It is also a 4 family.Over the years I have upgraded almost everything - new windows, new electrical service, seperated an old steam fired boiler to 4 seperate heating units for each apt., new roof ETC...Long as the house has "good Bones" which hopefully your SE can see by the basement and or looking at the house in detail and you are getting it for a good price I wouldn't let the age scare me.Has the plumbing been upgraded?

This is my first flip so... .I have to prove to myself first that this works than I hope to go full steam ahead!  

A 15 year old oil fired steam boiler has much less value but could still go another 15 years with routine cleaning and a bit more maintenance.

We also tried using a hand-held steam cleaner with a bunch of old rags that we would change out whenever it got saturated (which is pretty quickly) and that helped a lot with the manual labor. 

No carpet = no steam cleaning / carpet replacement... vinyl plank looks modern and is waterproof and indestructible. 

Yes.. you need to do some analysis and ask yourself, does the immediate tax deferral, long term tax advantages, choice of investment, portability/mobility, liquidity of the platform warrant a steam of money going into your 401K. 

When anyone who could steam a mirror could get a sub-prime loan for up to 100% LTV the landlords took a hit.