This.
The saying location, location, location was coined for a reason.
The house is cheap for many reasons.
Noise, pollution, restrictive access.
Given the photo my biggest fear would be a risk of a severe accident wiping out the whole property due to a lack of embankment.
One fuel truck and a lorry collide in the wrong place and it won't matter about square footage - it could be obliterated.
You might get used to the noise.
You might be able to live with the restrictive access.
The pollution? I wonder how you'd feel if your family started experiencing respiratory illness? Even 20 years from now would you wonder if it was as result of buying that house?
Re: potential accidents. Your home is your safe space.
The possibility of a catastrophic accident right next to house is low. But the consequences if it does happen are life threatening/changing.
I wouldn't live in this house if it was given to me. I certainly wouldn't buy it.
Walk away OP. It's a terrible life and financial investment.