First deal and its commercial, help! Urgent!

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I found this deal on a commerical property, and I can't make up my mind about it!
The numbers make sense, but it's an empty commercial building in a "depressed area".
Its a small retail storefront type property. The area is said to have been hit very hard, but I went to visit, and the property is on a pretty busy street (close to rite aid, McD, grocery store, , etc) and the town is not nearly as bad as people warned me it would be.

There is an environmental problem (which can be fixed, just costs $ b/c need an attorney), and new roof (20-30K) and other small work (drywall, etc). But when ready, can have income of 50,000. (Talked to other busienesses in the area, that would be an avg rent for units that size)

the building costs 30 + lets say 50K in repairs, so would pay for itself in 2 years.

But since its a bad economy, I'm worried that I'll just be sitting on this empty commercial property, tying up my cash.

i don't want to pass up a good deal but i don't want to get stuck either

any advice?

Thank you!!!

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This definitely doesn't sound a beginners commercial investment property. Owning a commercial property that already has tenants will require reserves, but a property that needs repairs and has no tenants may have significant holding costs as well as the cost to rehab, ordinary operating expenses and debt service.

I would also be concerned that the property is in a distressed area. There are likely many other properties just sitting as well that would compete against yours when it did become available.

The type of commercial property would also be a factor. You would want to consider zoning as well and any code violations that might exist.

Commercial properties require considerably more due diligence.