Heating System for a Student Rental in the North East
Hello BP! I'm looking for some insight into a decision that needs to be made soon. Thanks in advance for all your valuable feedback.
The Backstory:
I am managing a Single Family House (which is .5 miles from the center of campus) Rented to college students (all under 1 lease). The existing heating system is an old steam boiler burning natural gas. The existing boiler is nearing the end of its life.
The Question up for debate is;
-Do I replace the gas furnace in kind and keep the steam system (with 1 thermostat)
OR
-Convert to electric baseboard (with individual thermostats)
The Facts are:
The house is was built around 1908 and has marginal insulation in certain locations. However, all the bedrooms are on the second floor and have good insulation with newer windows.
The following utilities are paid by the tenants: Electric/Gas/Water.
I have pricing from Licensed Electrical and Plumbing contractors for estimates.
Converting to electric (including a new upgraded 200A feeder and larger panel) is less expensive when compared to the in kind boiler replacement by about $1000.
Several factors being weighed besides price is:
- Resale Value of the house
- Overall cost of use for the tenants
- Safety for the tenants (Gas/water/steam/combustion/leakage issues VS. electric baseboard overheating)
- Future maintenance costs
- Reliability and expected lifespan of electric baseboard (I don't have much experience with them for a PRIMARY heat source)
-Future considerations; If converted to electric baseboard the Range/Dryer/Hot water heater can all be converted later to electric thus being able to eliminate the gas bill its fixed charge/service fee.
-Are tenants picky about what type of heating system is in a prospective rental unit
I have my preference as to which way to go but will reserve that for now, look forward to your input.
Thanks for reading.
-Nick