Like coolhand20th said, the store has terrible reviews. It's going to be extremely difficult to change the stores image and build your customer base back up. Your basically just buying inventory, not a business. You have to ask yourself if his inventory is really worth 100K (probably not). Then your locking yourself into a rental agreement.
I would definately look for a new location, preferably a small piece of land that you could own. Rent is a real killer when starting up a small business. It takes time to build up your customer base, you must have enough money to keep the place running untill it becomes profitable. Mark Wolfe is giving you very good advice.
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