The sites of municipal solid waste dumps are replete in and around our cities in the developing world especially Nigeria. Real Estate investment development and market is highly dependent on perception, environment and economic condition, especially for residential and commercial properties. Prospective investors and tenants tend to be weary of the environmental quality of proposed investment sites or residential neighbourhood if it will fetch good return on their investment and for what duration. This paper will examine the effect of municipal solid waste dumps on investment property values and proffer useful solutions to prospective property investors and tenants.