We don’t know all of the reasons for sale but this current owner is phoning it in. He could do so much more with what he’s got. It’s lackluster but still makes profit today just by walk in blah cafe food and beer.
What will you do to change that? Would it pay off?
How to improve things(?), without driving off present customers, unless there is some sort of other crowd, just waiting out there, well, somewhere...
Bars of long existence build a reputation. Changing the decor doesn't necessarily equate with changing the reputation.
Oh wait! A big one! Earthquake retrofit? It better the hell not be in an un-reinforced masonry building!
Not sure what "phoning it in" means. Have you had an accountant check his books (or are you an accountant)? It sounds like it could be a good deal, but if I were you, I would trust but verify. ;-)
ask questions of the neighboring businesses, if there are any.
My aunt was going to buy a bar, and her hairdresser told her stories about the place being a trouble spot.
She asked around and found out it would not be a good investment.