How do you treat "deferred maintenance"?

[Will G.]

so every apartment deal if have looked at has considerable "deferred maintainance".

Is there such a thing as a turn key "c" class property?

Or, if it does not need considerable capex, is it then by definition a "B"?

I get that  a "c" has a higher cap rate in theory, because of age, location etc, but if i am paying for an 8% cap AND have 5 years of 25%(of gross) capex, am i the greater fool or should the price reflect the poor condition of all the consumable items and therefore sell at a higher cap rate?