I have worked pretty hard and have been at the mercy of a market in Portland that has destroyed much wealth and many wealthy people.

Having your copper, AC, and electrical wiring stripped will destroy your profits for a long long time.As a new landlord, I would not go it on my own in this type of area, but with the right PM, it can indeed be very lucrative.

You guys keep mentioning the likely hood of bad renters destroying units with repair cost to exceed 10k, so if that happens your looking at a repair cost in excess of the property cost."

My credit was destroyed, my ex-wife made every attempt to destroy me even further.

From what you have said Brad I would just let it go.Consider that you have not had tenant turnover costs in 3 years and rent on time with rodent problems a blessing and call it a day.Brad so you have visible termites which could destroy the value of your investment and you are worried about a few hundred dollars with this tenant??

I've run into too many shut-off valves that either don't shut off completely, or are stuck open so firmly that I destroy the handle trying to turn the valve.I've gotten to like the push-on type shut-off valves.

About the paying a years rent upfront; I once had this a while back and it ended up being the most destroyed unit I have ever had.

They're popular in Europe so the older homes' character isn't destroyed by a bunch of duct work.

So are my only options either having carpet or refinishing the beautiful floors and hoping they don't get destroyed? 

I've seen some 'higher class' tenants absolutely destroy places as well.