Seeing my 1st rental today. Any questions I should assk?

[Robert Fisher]

I'm going to check out what would be my first rental property today.  The seller himself will be present.  Having never done this, that is both intimidating and intriguing as I may have a window of opportunity to get passed the agent and get information straight from the horses mouth.  Given that opportunity, are there any questions that you'd ask to help you better understand what you're getting into and make sure you know what you're getting yourself into?  

The Good:

1. As it sits now, without making any improvements, its clearing the 1% rule at 1.35% (5 units at $380, asking $140,000).

2. It has potential for a 6th unit if I add back the shower that was previously removed to make that unit a storage space.

3. Current owner has made a number of improvements this year including a new roof and parking lot repair.

4. HVAC updated within the last few years.

The Bad:

1.The well and septic are strange - both either infringe on another property or are whole on another property.  I've seen this before, so I know it happens.  I designed a house that's septic was 3-4 lots away.  But still, not ideal.

2. It's a little further out of town than I'd like. I'm in Lynchburg, VA - a 3 college town - but this is far enough away that I couldn't rely on college kids to always keep it filled.

3. It was previously under contract and fell through after the inspection.  According to seller's agent, the buyer didn't give them any details other than they were backing out.

I've read all kinds of real estate books, listened to 100s of episodes of the podcast, plus other podcasts, but this is my first step out of analysis paralysis and something, despite all the research, I still feel wholly unprepared for.  So any advice on things to be aware of or questions to ask would be greatly appreciated.