You can also do a close estimate by adding up the linear footage of radiation in the space and calculating total required BTU's.

If they have receipts for where they've kept it maintained, put a new radiator, new tires, new alternator, etc. then you shouldn't expect too much maintenance for the next couple of years.Good luck with your venture!

We have a shared basement with 1 washer and 1 dryer that we share. my problem is, the first floor pays the bill for the gas dryer and electric washer (that we both share), and they also pay the bill for the heat for the whole house (radiator heat).

Background info: A+ area (wicker park), 3 large 3 bed legal units, 1 non conforming, 5 minute walk to El, quiet desirable tree lined street, huge ceilings, tons of light, original millworkCurrent Rents: $7220 (3x $2000 + $950 accessory unit + 250 garage)Price: Under contract for 1M, expecting about 30k in buyer concessions (nothing major, but seller indicated flexibility to address anything)Pros: 40 year owner, new roof, new windows, new garage, recent boiler/water heater - stout mechanicals, easy to duplex down into basement to make 4bed / 2bath 2250 square foot unitCons: window AC, radiator heating (3 separate meters, but one tied to boiler - owner covers heat), single coin op laundry, porch in usable but older shape, older kitchensComps: $1.15-1.25M for similar but upgraded rental (not condo standard) units.Option A: Do nothing:If I were to do nothing at all and keep rents (below market atm - at 20% down (interest rate is unfortunately very high, but such is the time - 5%) with 4% loaded for fees, $200/month for radiator gas in entire building, it's cash flow $0, CoC $0.Now of course you might be screaming this is a terrible deal - I think there's a lot of value add here for a unique building in a prime area. 

The apartments are heated with a radiator in each room.

We currently rent an apartment that has steam radiators and my wife loves them.

My local HVAC guy quoted me $14k to install a small boiler with baseboard radiators.

Lead-based paint is a fact of life, as is asbestos wraps on radiator pipes.

Also, the heating is oil with radiators.  

When he returned, the furnace had sent water through pipes to third floor radiator which flooded third, second and first floors.Plumbers insurance company and adjusters are offering $1,500 where we think repairs will run approx. $7,000.