You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California would cost you a minimum tax of $800 every year.

If the carpet is brand new, and the tenant is there 2 years, and the average lifespan to depreciate carpet is 8 years, then they should have cause 2/8 deterioration of the carpet, and can be charged for the 6/8 remainder as damages.

Looming Cap ex - 10319. deteriorating rents - 1031.The list goes on and on. 

https://www.dli.pa.gov/ucc/Documents/Philadelphia-IPC-Amendments.pdfMake sure you install it correctly & that you can get access to it in case the rubber diaphragm ever fails or deteriorates.

It truly is sad to see all of the beautiful houses of STL deteriorating, but as you mentioned, unless it's a hopping neighborhood, right now it's not always worth it to fix.Also, thanks to everyone else for their feed back as well! 

Do the bricks show signs of deterioration?

Stuff just deteriorates over time, so look for cracks anywhere that may let moisture through and into the walls.Electrical - This is a money one.

Slumlords overcharge for property in poor neighborhoods that is kept in poor repair and allowed to deteriorate.

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.

I recently bought a 550+ unit deal and we have 4 tennis courts that haven't been used in probably 10+ years.As you can see here the courts are significantly deteriorated.