Pete and visit my family up there frequently. 

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

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.

I’m particularly interested in exploring international markets, given the unique characteristics of the home.

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.

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. 

I know the Kwak Brothers speak about this frequently as well, I've found a few websites that promote it or speak about it as well.