How necessary is it to inspect for lead and asbestos?

[Nick Brubaker]

I have three more days of due diligence on my first investment property which I am planning to either flip or fix up a bit and rent out.  I have been warned recently by a more experienced investor that it is critical to inspect for lead and asbestos during due diligence as there could be serious health, legal, and financial risks to not doing so?

That said, my current realtor and my last have both been surprised by me proposing such inspections saying that nobody has these inspections done on these old properties (1952) that I'm looking at.  They either assume there is lead and asbestos and that provide some kind of disclosure when selling.  The concerns introduced to me yesterday were that city inspectors could fine very severely for improperly dealing with such hazards and that abatement and other procedures can make a deal in my price range unprofitable.  This is all in addition to the health issues when doing the work.  

I'd really like to hear what others here advice.  I don't want to be taking health and legal chances, but I am also trying to avoid numerous payouts before committing to purchasing the property.