@Georges Arnaout I'm gonna give you a little tough love here, and I think you may need a bit of an attitude adjustment (said very friendly lol!).

Have you adjusted your policy to cover things like that?

Yes it will take more time (building inspector, insurance adjusters, qualified trades for the electrical, plumbing etc, )to get the proper stamps of approval, but it is time and money WELL spent.You will get this investment back with little issue, when you go to sell the place at some future time.

Because of the climate there, most of our fellow owners there change out the water heater every 4-5 years.

Is it fixed or adjustable?

I am a buy and hold guy, but in this climate have considered a flip or two (if I can get a good deal),,,but I watch those dumb "flipping" tv shows, and realized I can't flip because I don't drive a Lamborgini and it appears everyone that flips (based on the shows, LOL), seem to all drive them,

Changing to accommodate business climate that seems to be evolving.

Cement siding may be more durable than wood but it still has to be painted . . . and re-painted, depending on paint quality, climate and conditions. 

With an adjustable rate mortgage it is not fixed and are at the mercy of the current economy.

@Ned Carey Thanks for the reply, I'm going to pull my list the re-adjust if necessary.