Town Owned Property for Bid

[Lisa Sessions]

Hello. I just saw in the paper a notice for bid on a town owned property. The min bid is is well below market. They want 10% when giving your bid. The property has a established pizza joint (I went there the other day. the pizza is okay) right on Main st and one apt upstairs. I've never thought of buying like this... I have until July to make a bid. How do you evaluate a deal like this when there isn't a lot of info from the "seller." what pitfalls should I look out for?