However, the general essence of the environmental portion of the real estate salesperson's class was more like "If you live in a house with lead paint, you will die.

@Caroline Gerardo serious question: If this is case then how does anyone buy anything that has a potential environmental liability with it?

I also targeted auto repair facilities with environmental problems, and two of my most profitable buys were easily fixed environmental problems nobody else would touch.

@Marc Oister,  Before you start down the road of financing you may want to consider if you may have some environmental issue that will prevent financing or would require a purchase/rehab loan (i.e., 203K).You stated that the property has extensive mold. 

Richmond doesn't strike me as an area that is constrained by a lack of physical space to build, or environmental conditions that prevent building additional units. 

Is there asbestos, lead or other environmental concerns?

I might be on to something :-)I’m just curious about what would be involved in developing the site—things like environmental impact studies, human-derived biohazard containment, storm water management, below grade engineering studies and stuff like that.

The demo contractor pulls the necessary permits and knows how to comply with all the environmental hazard concerns and disposal issues, etc.  

One problem I had was that there was an "environmental" issue that affected that whole neighborhood.

For 50+ units, if it is off market, then I am going to ask for 30 days after receiving all of the financials that I request (Taxes, rent roll, T-12, P&L's for the past 3 years, utility bills, surveys, environmental reports, etc).