Currently, there is only 1 huge old gas hot water furnace that services the whole house and 2 hot water boilers, 1 services the basement and first floor and the other one services the top floor.I have been quoted $18k for a complete forced air, central air system for the 3 units.

Top down policies alone, no matter how progressive, are not enough to change the dynamic of a city without help from market forces and private investment.  

Been there, thought he borrower choose to hand over the property deed-in-lieu, rather than forcing a foreclosure.  

I'm hoping to buy a fixer upper and force appreciation at least a little so I can live in the property over a year, refinance, gain some equity ( I think I read somewhere that most banks need you to have at least 20% equity in order to be able to refinance?)

The rest of the state will slowly follow suit once our Democrat governer is elected out of office.The work force is highly skilled and manufacturing centric, but the union mentality has tarnished things since there's an entitlement sentiment among the blue collar workers.

Everything I have read, or heard about CRE is this is how you force appreciation and buy more properties.

Call around to local banks and see if they will do purchase +rehab loans.Other notes, make sure the balance you're paying + the rehab will force enough value to be able to refinance.

I fully intended on taking a mortgage on this property, but since I was forced to pay cash and now own it free and clear, it seems like it might be silly to just take out cash that may sit in a bank account paying 2% rate..which is where the cash was before I purchased the home.  

This is a good thing as it will force laggard organizations to start considering remote options for more people, reducing their commuting times. 

Traditional insurance companies like a State Farm will force the replacement cost which could be $220K or more.