Pete and visit my family up there frequently. 

Here is a great article that walks through frequently asked questions on cost segregation studies: https://www.biggerpockets.com/forums/51/topics/1113749-cost-segregation-faqPartial Asset DispositionsA partial asset disposition allows real estate investors to write off the undepreciated value of building components that are replaced during renovations or those that are damaged/destroyed.

My concern was small single person businesses are subject to robberies which occurred frequently in the area in the early 1980's.The building was built in 1890 and NYC established building codes in the 1920's, and someone owned it all the while passed and my dad offered to purchase it but was beaten to it by a flipper who got it for $23K, and he bought it from the flipper for $25K.

Our Realtor would frequently reference properties we were interested in as being "in the hood."

We have to consider the fact that natural disasters are becoming more frequent and severe, which directly impacts insurance premiums.

Landlords will do the split fairly frequently for that situation.

I would assume that these balances quickly and frequently exceed the $250k?

If you don't replace items frequently, the quality of your product decreases quickly.As for insurance, I truly haven't experienced this phenomenon. 

Happy to connect with you as I frequently work within the NC market.

Happy to connect on this as I'm still actively brokering deals (commercial) in Washington all the time and I'm frequently traveling up there to view properties and meet with other brokers.