A report detailing the condition and estimating the remaining useful life of each element of the project proposed for conversion: Roofs, foundations, exterior paint, paved surfaces, mechanical systems, electrical systems, plumbing systems including sewage systems, swimming pools, sprinkler systems for landscaping, utility delivery systems, central or community heating and air-conditioning systems, fee protection systems including automatic sprinkler systems, alarm systems, standpipe systems, and structural elements. This report shall be prepared by an appropriately licensed contractor or architect or by a registered civil or structural engineer other than the owner. For any element whose useful life is less than five years, a replacement cost estimate shall be provided;