4 hours and mine is still warm with pressure... I really dont think you should hear anything when squeezing the hose. maybe the previous owner messed with the cap so you dont get pressure and the heatercore dont leak.
our cars are well known for slow heatercore leaks.
even with no pressure it should run in the middle of the temp gage, bet your thermostat is fubared if there even is one in there. your engine will have tremendous wear when running cold!
forget everything else right now and fix the thermostat.
95 E34 530I V2.37
===========
Those who make peaceful revolution impossible will make violent revolution inevitable.
John F. Kennedy