As with any other agricultural endeavor (especially of large and or potentially for profit nature) start with soil tests, before you even cut a single tree, unless you are doing that anyway. Since you are investigating at the "thinking of investing" stage, either get the current owner/seller to do the testing, or arrange permission for doing your own testing (and refuse to share the results unless the costs are also shared.)
Depending where it is there may be a tendency to acidity, some from the needles, some simply from not being limed, if in an area prone to going acid if not regularly limed. Apples will take a fair degree of acidity, but have a preferred range that's closer to neutral. Your local agricultural extension service office should have plenty of information on what apples and cherries like, general advice on their success as a crop in your area, and soil testing services. According to your profile: http://extension.osu.edu/lao
Be aware of larger terrain issues - aside from the direction of the slope, not being at the bottom of the slope is generally advisable for orchards to avoid "frost pockets" cause by cold air drainage down the slope. You may need to take particular care against "southwest injury" or sunscald, but it's just something to be aware of, not a reason to avoid the site.