The property could be a full rehab, tear down or who knows. 

This isn't normal wear and tear so typically the renter or his insurance should pay.

Is this considered wear and tear?

If builders are buying houses in the area, tearing them down, and then building, whatever they bought the tear-down for is likely the value of the lot.

Pros - Higher rents than renting to a family, I can pop in anytime to check on the place, if one guy moves out, I don't lose the whole rent, no wear and tear from kids or pets.Cons - Higher turnover (I usually do month to month which also has higher rent), potential for parties (but I screen very carefully so this has not been an issue at all), parking, roommate drama (rare with professionals).Just another option to consider.I'm a mortgage lender myself and I wish we had a 90% product like that MACU loan!

Hard part will now be to start tearing up the concrete floor for plumbing! 

Man there’s got to be another way to do it instead of tearing up that sidewalk

The next one is a free meetup at Ryans Coffee this Saturday - go to meetup.com and search TVREI you will see they have 2 a month.Its hard to answer your question since it doesn't have specifics needed like where you want to invest, what you want to pay, how you are looking at investing (rent ready to tear down or something in between), and a whole lot more. 

Your pet fee, deposit and normal wear and tear should cover it.  

Next i would have to say all these older houses have lathe and plaster instead of drywall which in some respects are easy to repair in the case of smaller dings and holes but when you get whole walls that are in need of repair we found it easier after much trial and error just to tear it out and drywall it.