Don't be afraid to tear out something and completely redo instead of patching.

Sell.I am really concerned about trends I have seen in Florida where condos are being shut down due to unpayable costs/assessments, the building gets torn down and then a new one rebuilt and the condo owners simply lose everything.The idea of an HOA on sterroids makes me want to avoid them but then the added risk of shady tear downs makes me avoid condos like the plague.

I don't see that it would add appreciable value for the appraisal or for rent, AND when you go to re-sell you would probably want to tear all that work out and put it back how it is now as your typical buyer is probably an owner-occupant and would prefer it as it is now.

But a commuter trades some housing expense for the home and instead have $400 up in commute costs (plus wear & tear on vehicle and lost time, say 2 hours each way - pre COVID - better than 2 hours until normal commute resumes). 

I'm only bringing this up because you mention 1) rent is always paid on time; 2) neighbors have no issues; 3) The tenant's are hardly there (which means less property wear and tear) and 4) I will also assume becuase of the first 3 here, that your property is also being cared for...... seems like picture perfect Tenants.... 

. (# and size of offices, bathrooms,doors, windows, floor drains, lights, truck docks).If you make an educated guess you will likely still be tearing out or changing brand new walls and concrete, but if you leave it incomplete it is harder to rent.Plan on some extra expense for those tenant improvements.

Do you think they can do a total tear down and rebuild? 

Your argument is like stating you shouldn't have any amenities, arcade games, pool table, etc.. because a guests may spill stuff on the arcade machine and ruin the circuit boards or a guest tears the felt on the pool table and the next guest is not happy.  

Yes, this goes well beyond the cost of a security deposit, and it's far from being "normal wear and tear", but things get squirrelly if you have to go to court, so prepare for that eventuality!

It will still be expensive (especially if your heater is gas), but may be cheaper than updating all the gas lines buried in the slab.Yes, converting to electric will be expensive and using electric for heat / hot water is more expensive than gas, but both can be converted in a day or so without tearing up the slab or having the tenants move out.