However, there was a building with a basement full of deteriorating asbestos pipe insulation that made me run away!

This included almost no upfront repairs but was done over a long time frame starting with a deteriorated property and ending up with an attractive building.

I think that number could easily be consumed and need more dollars depending on unit deterioration from the tenants.

I did not see a statutory definition of "normal wear and tear" under Florida laws after only a very brief search, however the legal definition in Texas is:"Normal wear and tear" means deterioration that results from the intended use of a dwelling, breakage or malfunction due to age or deteriorated condition, but the term does not include deterioration that results from negligence, carelessness, accident, or abuse of the premises, equipment, or chattels by the tenant, by a member of the tenant's household, or by a guest or invitee of the tenant (Tex.

If the sewer lines are anything like Michigan then they are made of clay and deteriorate after 40-60 years.

Sadly, my uncle had some psychological issues and at the time of his passing in October 2014, he had allowed the house to deteriorate to the point where it didn't even have working restrooms, the roof was missing in places, about 70 dead mice were found throughout the property dying after eating electrical parts from knob and tube wiring, the entire basement had over a foot of standing water and we found several nests of black widows. 

The newer neighborhoods on the Far east side are beautiful but it seems they start to deteriorate once the original owner moves out and new renters come in.

Yes, there are bad managers that keep rents low, don't deal with maintenance and allow your investment to deteriorate, cut deals with tenants, treat tenants dishonestly, etc.

What has deteriorated while sitting vacant for years?

Honestly my experience with the quality has deteriorated to the point of not trusting it for more in depth questions...