Buying land, previous auto salvage with EPA concerns
Im looking at buying an industrial lot that was previously an auto salvage yard. It is currently a mixed use industrial site. Bank owned. The seller (bank) has contracted a company to complete an environmental assessment of the land. Elevated levels of certain elements were found, the cost estimate for remediation is around 100k (reasonable for the deal).
The property cash flows as it is, is attractively priced. I would like to move forward, but concerned about the potential future liability of the property. It is located is Wisconsin.
Anyone have any input/ experience on this issue?
Thanks