Hello BP,I am seriously willing to roll the sleeves up to get this thing right before I invest my own cash.  

They have a lot of money to invest.The take away for you and me is to get ready to roll up your sleeves and put yourself in a position to get the thing built.If that means start with the rehabs (and more and more aggressive as you go) then go for it.

So you roll up your sleeves and...What would you do investors, what specific information would you look for?

If you want to get listings, you are going to have to get ready to roll up your sleeves, shake hands, and get ready to grind!!!

If they are, or it can be achieved relatively cheaply (and there are already separate electrical entrances), look hard at replacing the boiler with three smaller units which will allow you to put the utilities into the hands of the tenants.3) Get the sewer main scoped to see if when you will need to replace the clay and cast iron (if it is still in descend shape, you might be able to sleeve it to extend the life).4) Window air in each unit, give the impression that the building envelope was never updated (ie. no insulation, just one or two layers of lath-n-plaster).   5) The building is also most probably balloon framed.  

The main runs are PEX with insulation sleeves.

Others are lone wolves and want a game of 1, happy to roll up those sleeves and grind away for months renovating a turd of a property into something worth living in, and are stoked at making $100k a year and think $200k is greedy and ridiculous.     

Utilities - all my buildings are metered individually for min. electric - water, we have a monthly standard fee and mostly No Gas  (also the buildings with Gas Service are metered to the tenant)You can also consider upgrading the through the wall untis to a nice new white sleeve and a new unit if necessary  - it will change the look and feel -  complete removal will require as you know substantially more exterior work - again have done this also on a building it came out ok, I improvised and infilled with Hardie board on exterior, insulated, etc and painted exterior (red brick color) - it was less expensive than doing a ton of masonry.As you know you will need to bring some additional services to meet your HVAC need, it may outweigh the return.

That will tell you to move on, or to roll up your sleeves and get excited. 

Could always hire a local handyman to help as well.Stop being afraid to roll up the sleeves and dig in.