depends how much discount on the property you buying..

phase 1 mainly testing soil and water surface level, phase 2 is underground.

let me tell you a true story....

about 9 years ago, there was a tract came to market, 30 acres, own by a manufacturing facility across the highway, for 750k.  Its about 2miles north of brand new walmart, along the highway.  it sits on the market for 2 years, the manufacturer went belly up, price down to 300k, and I had the first option....

did the phase 1, suggesting possible contamination, so I walked....

then some big developers came in, did bunch of earth moving, now its got a kohl's, dollar tree, a car wash, a bank, a possibly a super target coming...plus another 52 lot residential development on the back...

so the answer to your question is, depends how much discount you getting, and how deep your pockets can go...