After much debate I decided to remove the furnace. It was only a shell so it really was taking up valuable space. I was really fighting the urge to fix it...but when I opened it up and saw that it was only a furnace shell it was just a matter of time.

Before

After

 

 

The furnace hole just happens to be the exact same size as the other cabinet to the right. I'm going to use that cabinet door as a template for creating a new door for my reclaimed furnace space!
The only problem...this is where the wheel well is. There are also water and electric lines running through the space. Not sure how much space I really gained, but it looks better.