Understand the investment strategy, property details, financials (historical & projected), risks, fees, and the sponsor's exit plan.Market Analysis: Is the 95% occupancy sustainable?

I think in this market the buy and hold or BRRR are the best because of the historical above average appreciation growth and the tech and manufacturing jobs moving to the area. 

The city has diverse neighborhoods, ranging from historic homes to more affordable areas, catering to various investment strategies.

Rent growth at or below market historicals, sales price matching current comps/cap rate, etcThats a start.

Inventory is historically low so there's little to choose from.

Historical rent roll?

I love historic properties and the opportunity to bring them back to life. 

Running a self-service car wash may not take much in the way of experience but as noted above, there are a number of maintenance/supply issues, etc.I would also strongly recommend getting tax return information for historical performance.

Another factor not to overlook is historical appreciation.

@Tim JohnsonThere are essentially two ways (and a few variations) to purchase this deal, depending on how the owners are selling it:As a going concern:  In this instance you are buying the business, so it is the business you evaluate: assets, liabilities, revenues (historical: 3 - 5 years), operating costs (historical: 3-5 years), future financial projections, goodwill, etc.