Absorption and the other issues stated above will make it a non starter..

if its the major employer I would for sure do a deep dive with local PM's and get a read on inventory and absorption. 

I know of another large developer who is focusing some energy there and seeing some real positive traction and strong absorption on high end multi family absorption. 

Absorption is hard to predict but you have to consider it.

While there are a significant increase in vacancies, 2nd or later generations of retail space has had fairly good absorption.

Absorption Rate/Month's supply of inventory county wide for all property types is 1.7 months.

@Asher Pearl I'd also like to add your agent should be able to pull sales or absorption related data right from the FMLS. 

We have identified several markets we believe look very promising based on the 6 areas we learned about from a BP blog post (job creation, population growth, buildings coming to market, government planning, affordability, and absorption/vacancy rates) and are looking to purchase our first property within 90 days.

Do you know what the absorption rates are for homes in that price bracket in that neighborhood?

Also I think the noise problem could be solved very easily by erecting a 10 foot fence and allowing claw vine to grow up it for absorption.