16 unit built in 1969 / HVAC installation
I'm in the process of purchasing a 16 unit property (eight 2 unit buildings) that doesn't have central heat/air. They're all still using window AC units and gas wall heaters. If the AC units stay then I can make them the responsibility of the tenant instead of having central heat/air units to maintain. But they're UGLY and many of them were installed through a cutout in the wall instead of a window :( I'm wondering if spending the $$$ to install the central heat/air is worth the expense: will it result in increased property value and justify rent increases? Over the course of the next 6 months I'm already converting the carpet to LVT flooring, countertops to Solid Surface, fuse boxes (yes, fuse boxes) to breaker boxes, and numerous other repairs/upgrades. The monthly rent on the units is currently $250 which is less than half of market average. I'm looking for $650+ per month once repairs/upgrades are complete. Just wondering if the central heat/air will make that much of a difference.