Nope, pointing out that in order to keep the house rentable, the landlord has in put money into over all those years, which the OP left out.
A house that has had no money spent on for 30 years would not be rentable, right?
So depreciation is not a free ride.
Over 30 years all sorts of things would break, pipes, leaks, batteries corroding and leaking out, animals move in, windows broken, doors removed....
Detroit ruins show what zero money put into a building for 30 years looks like - gutted shells.
Show me an ad for a rentable place that has had zero money spent on the building for any maintenance for 30 years and I'll believe you.
If the landlord spends a single penny in paint does that make up for getting an asset that’s considered zero value but still gets to be sold for hundreds of thousands?