I would tear out that archaic boiler those old terds are notorious for costing a fortune in bills .

Fortunately, real estate prices in NY went up like crazy, so did rents but not by the same multiple, so in the long run we did better then Philly.Just to say, you got the right idea, so good luck.

I have witnessed many who lost their life fortunes betting that RE was the only way to reach richness.

Fortunately discovered that a multi hundred unit facility had just been approved nearby so I dodged that bullet. 

@Bruce Gardner, just an FYI for you or others.... if this is residential properties.We are fortunate to have found a lender in our regional market, a smallish bank that holds things in house, that gives GREAT terms.

It changed my life and allowed me to quit my job as an accountant with a fortune 500 company by 2012.

From your post, it sounds like you will be fortunate to get all your principal back. 

Fortunately I already have some banking contacts here in town.

Fortunately, I have a natural tendency to do the right thing and in a timely manner so his complaints to have "safety" issues addressed are not too much of an inconvenience for me (although the renter himself is an annoyance). 

A lot of people made a fortune buying and selling Was tough to get financing back then though especially for lower end non owner occupied .