Off market gas station offered at 12 cap in growth area ?

[Jack Tucker]

No experience with this asset class. I'm good with multi family but this is a different animal.

Athens GA

Mom and Pop Owner ready to retire wants to sell real property and his business. No current franchise. 2016 tax returns show a fully burdened claimed 87k NOI. This is what he paid taxes on so not sure what the "real" profit pocketed if you catch my drift.

He's willing to let it go at a 12 cap for $725k. Was on market in 2006 for 1.2 million. Seems like a heck of a deal. What diligence do I need to do here?

Help! Thanks in advance.