I definitely think that for the average person who has no desire to be elbow deep in an unpredictable situation, an old home can be a big risk.

The CPS pension system is in deep debt. 

Before I get in deep, can anyone with experience give any advice on the ups and downs of this type of deal and what should I be aware of?....

Many will argue that hydronic gives a "nicer heat" because it does not dry the house to the degree a forced air system does.Most hydronic systems found in houses use baseboard or radiators  which suffer from the same problem as any form of convection heat - slow recovery time.  

Pricing has been steadily increasing over the years and shows no signs of slowing down.  

There are some crossing that still need figuring out that are going to slow down development.

A lot of advice on BP says to create an exit strategy before diving in deep.

That's why I adjusted strategy a little to buy a lower class home that would cash flow and fall under a more affordable rent than to hold out and pay a premium on the nicer better school district higher class homes, for that I'll wait for a downturn but I plan to move slow.

Slow bleed vs. moving forward. 

Most of our corporate clients have deep pockets to weather the process and long schedule but I would never do it for my own personal investments.My work experience has taught me to avoid properties where government entities can have both hands in the project, no matter how good the numbers look.