Yea, but I try to stay away from electric heat.

If you take a building without heat and electric and you count that as part of the vacancy rate, thats technically true.

hello, aleko. i am a home inspector from the western new york area. the old cloth, 2 wire wiring is kind of dangerous, in my opinion. as stated earlier, the cloth gets brittle and can crumble with the slightest of touch. with rehabbing the place, you are going to disturb it, for sure. then, you have exposed wiring. fire hazzard. not to mention, a lot of this old wiring is made of aluminum, not copper, therefore, the heat it will carry without fail is far lesser that the copper type wiring. if you have an overload somehow, and the breaker doesn't trip, you are going to have a fire. the gfi's have to be grounded, thats the whole idea of a gfi. the g stands for GROUND. with the two wire system you have, where is the ground????

It was designed with one meter for heat and one meter for water/sewer.

Are you really planning to separate the heat on 4 units?

Just fix the roof, give it a good cleaning with appliances off of Craigslist make sure plumbing, heating and cooling works and is safe to live in (no bare wires, black mold, smoke detectors etc..) when you are ready to sell it than that's when you would want to upgrade it.Good luck Wishing you success;) 

The only thing I had to do was fix their heat which hadn't worked in a year (bad thermostat, $20 fix). 

It will take about 15K in repairs (new heating units and partial roof.)Feedback welcome!!

Check roof, termites, mold, heating system...

The exterior has asbestos siding so risks of it existing inside are higher but there's no old tile/heating ducts.