A quick solution to upgrade the wealth of a building when it downgrades in wealth is to add a plaza or park/green space next to it. For commercial buildings, add a plaza and a bus stop or other mass transit line. Wait a few seconds and you'll suddenly see the wealth of the building increase and it will look new again. For residential buildings, add parks, playgrounds, and green spaces. Wealthy neighborhoods really like the tennis courts, flower garden, and parks. Middle and lower income neighborhoods like playgrounds, basketball parks, and green spaces. It also doesn't hurt to add a bus stop near those residential buildings either.
I have been playing this game since I was a kid and it first came out. I remember when they used to come out with these tips for gameplay when it was new. :-)