You would be wise to obtain a Phase I Environmental Site Assessment to learn if there are any problems which will need to be addressed. 

Though it is in good shape, it has an old pre-war "feel" and has not had the usual flip-style renovations that you find on Zillow.My questions:1 - Should the house be priced significantly less than renovated houses of a similar size?

How do you look up homes that become vacant here in Norfolk the city of Norfolk department of public health - Bureau of environmental health will put a notice of violation on your door if your home is unfit to live in or not kept up with so shouldn’t there be public records on this info?

Another way to do it would be to start small, and do it JV-style.

A split level foyer (as much as I hate that style) is almost ideal for this.

You'll have to decide if you can tolerate the broader environmental risks, but I think $1,500 per month is totally worth it.  

You can not afford your present life style.

11.Are there any environmental concerns?

Alert the world that the property he has is an environmental mess?

To give you an idea on the cost to remove the UST and get a No Further Action letter from NJDEP you would have to hire a pre-qualified environmental professional to investigate and remediate unregulated underground.