I know there are probably better house hacking deals if we looked further out in Newark, Rutherford etc. but the other half needs to be closer to the city with her work.1 big downside, there is currently an oil tank that provides the heat/hot water to the entire building, I'm trying to see if the seller is willing to remove prior to closing (I'm aware of the environmental disaster issue).1) Assuming we need to stay this close to the city, does this look like a good first time deal?

has an environmental phase 1 been completed?

Also, expect a phase 1 environmental report fee, which is also expensive.The bank will probably ask for a commitment fee up front before they'll order the appraisal.

I know I will learn a ton about these topics on BiggerPockets.com.I work as an Environmental Consultant during the week where I escape to rest up from my weekend and evening real estate projects. 

Since it is "AS IS", am I required to give the buyer time for inspections, including physical and environmental, documentation of the property and title?

If so and even if not, you need to pay for a phase 1 environmental report.- utilities:  septic, public sewer, well water vs municipal water.  

Also, it will be good if I can get an idea of total out of pocket expense before SBA loan , not including down payment.Site surveys, soil testing, environmental studies, archaeological surveys, perk testing, wildlife studies, code variances, and I can keep going on and on and on. 

Along with the other great replies here, just wanted to point out that good neighborhoods with great schools and community can and do become bad neighborhoods with poor schools and community through redistricting, rezoning, age and obsolescence of the area, possible environmental issues, freak earthquake or flooding not covered by insurance, etc.

Installing roads, water & sewer laterals, negotiating utility easements, doing soil corrections, navigating environmental impact studies????

So off goes an eviction letter, and 3 days later, I get served with papers, and a lawyer's bill (her new environmental law lawyer, I kid you not) who took her case for free, and me, for a ride.So that's who I'm dealing with.