I would check into the legal aspects of the lake bed ownership, the only issue I can see if you need to deal with contamination at any point, you might severe it from your house for that reason.

In compensation for all the problems caused I installed a new kitchen cabinets since the old one was contaminated with toilet water.

If the property was built in 2007 then likely they have the newer tank linings that help to prevent contamination and leakage.I would be looking at that lot that comes with the property.

you do have intense clean up situations where with regards to contamination etc.

People end up abandoning lots all the time because of title issues, sinkholes, ground contamination, setback and other zoning problems, and a whole host of additional problems. 

It's so full of contaminants from a refinery that it is common knowledge not to eat any fish that were caught downstream from that industry.  40+ years ago all kinds of PCB's and other toxins were legally released into the water.

There is definitely an opportunity for investors as the former smelter company towns that became ethnic working class communities turn into the next RiNo or Sunnyside, but as Matt M. points out, it’s good to know the historical context of the area and it’s challenges, especially as it relates to the ongoing contaminated soil and air pollution issues, before diving in.

Since LL was one of the biggest sinners when it came to Ortho Pthalate contamination in their LVT I'd make sure that the box states it's ortho pthalate free otherwise return it.

Also check to see if the property is in a flood zone and whether there are any environmental contaminants.

How do you prevent or insure against environmental contamination.