I represent a remediation product called Penta-900 that has a highly respected reputation and a large number of proven clinical tests but even if tou find the right testing and remediation companies it may not help.  

Could you be looking at $30K worth of demo, special permits, asbestos and lead based paint remediation.

It sounds like the first thing you need to do is get that situation remedied...perhaps look into doing a short sale.

Other times (layout/parking for example) you'd have to spend more than the property is worth to make it even moderately appealing to a renter or buyer.If you're in a fast-moving market, then I'd expect places that have been sitting a long time and have had price drops to have problems that are very hard/costly to remedy.

@Lou R.There are many possible reasons:NOI numbers in the pro forma are likely rosy ... a thorough analysis could tell a quite different story;There may be other liens or defects in title on the property;The building is facing functional obsolescence or is carrying too much deferred maintenance;There is a forthcoming change in the local economy (major employer downsizing/leaving) or neighbourhood (redevelopment, highway or manufacturing being built close-by);The list goes on, but it always comes down to a lack of value in the proposition: either there is a significant problem with the business or the asset which makes the acquisition costs unreasonable.Now, sometimes this can be a good thing - if you are certain you have identified the issue(s) and know you can effective remedy them at a cost which the business could afford, you may have yourself a deal.  

You will most likely have to have mold remediation, complete electrical, major plumbing and drywall replacement, etc. 

I do not want to do remediation while they are in place.

In addition, if this Agreement is terminated pursuant to this paragraph, Landlord may, at Landlord's option, declare the entire balance of rent payable hereunder to be immediately due and payable and may exercise any and all rights and remedies available to Landlord at law or in equity.

Even if the the ROFR is valid, I would want to know if the seller has made any representations, warranties or covenants in the purchase contract that would result in a breach and, if so, what remedies are available to you.

I need to check for mold and remediate if necessary, and likely have the cabinet under the sink replaced.