Residential Flip next to old dry cleaners?

[Nichole Catalano-Miller]

Hey Folks,

Looking at an otherwise solid REO buy (for flip) on what appears to be a corner lot- come to find out the yard "on the corner" is a parcel owned by the next door neighbor and is "possibly contaminated"... former laundry mat burned down there some 15-20 years ago and between back taxes and possible contamination, it hasn't been touched. On the upside, it makes this property "look" like a well-maintained corner lot, but I'm wondering if you all foresee any issues I need to be aware of, especially on the resale end. Will FHA or other lenders see this as a problem for our potential buyers? (There's never been any formal documentation or study confirming contamination.)

Appreciate the feedback!