Environmental hazards? 

Pool rooms have their own environmental climate that needs to be maintained to operate properly.  

I am making a conscious decision to proceed that way, not because I disagree with BRRRR, but because there are other factors involved.

Tearing down is more expensive and takes longer, especially when you factor in time and effort to get permits, zoning approval, environmental approvals, etc.

In the commercial arena there are some groups that work on environmental sites for clean up and new development but they are highly specialized and know the risks. 

It is my understanding that it comes into play only if you take losses for the year with your rentals, in which case you can deduct from your personal (active) income.Stream of consciousness is also welcome.Thanks in advance.

I could be totally off base, but all I'm saying is that I've see way too many new investors look a place and they deep down consciously or unconsciously think "I wouldn't live here".

What do the most recent environmental inspection reports tell you?

Finding information on the financial side of many markets hasn't been a major problem so far, but I'm struggling to find accurate and up-to-date Real Estate adjacent statistics such as population projections, tenant demographics, crime, main movers in local economies, environmental risks, etc all stratified by city (or even better neighborhood!).

It's all part of doing real estate.These reports for environmental, ALTA as-built survey, appraisal, site inspection will be for a property of this size in the tens of thousands of dollars combined.