In order to best answer your question I need to know how long you plan on holding on to the property. If you are planning to hold onto the property for many years it will be well worth the expense because you would have the tenants paying their own heating bill and therefore your operating overhead will be a lot less. This will also increase the overall value when you go to sell the property.
However, if you are planning on selling the property in the near future, most likely you will not recoup the full price you pay for such alterations. This type of alteration will add some value but probably not 100% of the cost, unless you are a contractor who is getting the work done at a heavily discounted price.
If I can be of further assistance please let me know.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783