The biggest problem I see is that most of those items should have been itemized from the tenant deposit.

Stairs are the only way to get in, no grab rails in the bathroom, ramps that are too steep, etc.From what I've read, all commercial businesses/buildings (including ones before the ADA was passed) have to comply with the rules, unless it would be outrageously tough to fix (like installing an elevator in an already built building).Are all these local business just not complying and taking the risk, or am I missing something? 

When was it built, and how old are the major systems?

Personally, I self manage but have built systems to allow it to be fully remote and very passive.

If the house has all major components in working order a few cosmetic items doesn't make it not livable.

And once you get a sizable amount built up in there look at some of the higher interest accounts that they have.

Here's a https://www.irs.gov/businesses/cost-segregation-audit-technique-guide-chapter-4-principal-elements-of-a-quality-cost-segregation-study-and-report to the IRS website noting specific items that are included in the cost segregation study report. hmm, that website is a 404 error.  

@Polat CaglayanI've never seen a formula but here is a general rule of thumb for multifamily:The class of an apartment refers to the quality of the building, which can be determined by a number of factors, including age, location, and condition: Class A: These are the highest quality apartments, typically built within the last 15 years.

The PM should provide itemized items of what was done.

I own a duplex that was built in 1989 and has had 2 stable long term tenants with no interest in selling.