Newbie with potential property

Hi everyone,

I just received Dean's book on Saturday. I am almost through it. However, after cruising on Craigslist, I found a property that seems to good to be true. I need advice about what to ask the owner of this property to make sure I don't jump into something and get burned.

So the details of the property are:
- 0.72 of an Acre
- 3 homes on property zoned retail
- Price $312.000 O.B.O.
- Adjaicent popular daycare chain (soon to be built)
- 1/4 mile from Super Target Development Property

At $312 (unbelievably low), I am wondering if back taxes are owed or some other surprise that might be lurking. Any suggestions on the right questions to ask?

Thanks in advance,
TT-0