@Joseph Tarallo Mark is spot on - don't take a shortcut, remove and, if necessary, remediate.We walked away from a 28 unit building a couple of years ago due to two out-of-service USTs which the vendor did not disclose (he was the one who converting the complex to natural gas, so was aware of the oil tanks) and then refused to take responsibility for them.The property remains unsold, but it looks like he is now removing the tanks.The environmental liability of having unused/old USTs is not something you want.  

If not, drive around those houses to check out potential environmental factors: railroad, wires, slope, noise, neighborhood.

I have been told with an environmental citation, like for trash, the first time the tenant gets it.

Account Closed   Depending on the type of property environmentals could also be an issue.

In terms of additional costs, I'd rather have prop taxes than "hidden costs" of squatters, unknown environmental rehab costs, shortage of labor, etc.

Environmental clean up could go higher than the value of the property in some cases.3k mo rent doesn't mean anything.

For example, if you invest in a property that may have environmental concerns you run the risk of not closing in time.

Be extra careful investigating any environmental or structural issues that could be expensive to remediate.

Hannah.. this flew people into the Hobergs resorts in DC 3s in the 30s and 40s So then when they lost the tourist trade and really no industry.. it became a place were more modest second homes were being bought and used.. and it was very much a SF based area.. and had some pretty big SF Italian communities. in the 1920's over 60,000 lots were platted from NICE to Clear lake Oaks and the city of Clearlake Including 7k lots behind Lucerne which virtually none of them were ever built on .. a Guy Named George Triphon bought most of those lots in the early 60s  surveyed them all pushed roads through but never followed through with water or sewer leaving them unbuildable and a environmental mess. you can see that as you drive hwy 20 up behind the city of Lucerne.. those lots were left to rot and then become the fodder of the guys who buy worthless tax sale lots and resell them on line.. we know all about the land geek and those dudes.

I have a degree in environmental science and was once a certified license wilderness EMT.