You may not be ready to tackle all the possible problems this property may have.There may be other hidden issues as well such as unsafe bootleg plumbing and electrical.

He also advised that house has new plumbing, new wiring, and new HVAC within the last 5 years.  

Ill conceived regulations as well as fear and greed may distort prices in the short term, but supply and demand move them in the long haul.

And there are still issues (i.e. unpaved roads, plumbing issues, etc).

Under your logic that might presumably constitute "adding" (not just preserving) life, but it is generally recognized that painting of the entire property exterior may be be expensed (even the IRS explicitly recognizes this in its publications and regulations). 

The plumbing is laid and the concrete is poured. 

The plumbing in the place if for a medical practice, but I guess the pipes in the middle of the rooms could always be covered up. 

Since I am a plumber, I see many plumbing items today that are not done the same ways as in older homes.

In general, it's also a relatively small "peace of mind" cost for unknown mishaps (HVAC, plumbing, etc).Here's an example from Fidelity that I'm looking to switch to after my currently warranty expires. https://www.homewarranty.com/professional/applicat...I consider the home warranty a fixed capexp cost to me versus an unknown, unpredictable, and variable capexp.  

The answers to your questions regarding right to non renew etc.are found in your state landlord tenant regulations on line.