There are several concerns. The first is of course this property's ability to bring you a profit. In the regard, you would need to take into consideration the health of business and commerce at and around the property in question. Has the tourism industry revived itself? and so on. The next concern would be to determine if the oil incident (assuming BP) affected any of the property's physical qualities. Is any part pf the property inaccessible or out of order as a result of the spill? Is there any new legislative or local public policies that may affect your property as a result of the spill? If you plan to purchase this property using any kind of financing you will at least need a phase 2 environmental assessment. To be honest you will need a phase three environmental assessment which is more expensive just to be safe. The reasoning behind this is you need to know yourself that the property is safe to operate to its highest and most profitable use (i.e. fast food). You can not take any one else' word on this matter. You have to do a very strict due diligence and feasibility assessment on this property.
I would first start by contacting the EPA and get their records; an attorney (just in case); the parties responsible for the oil spill; tourism agencies or travel agents; and anybody else you think would have meaningful input as to the property's condition and what risk you would be assuming if you purchased it. My best advice is most likely something you do not want to hear. I would find another to purchase. No matter what you intent for the property, whether it be to operate it as an end user or as an investment property there is a lot of risk.
Nov 16, 2011