You'll get a chance to repair the Water pump here as part of an unmarked quest for the Atomic Cats. Once done, talk to June Warwick.
The place has a small farm, a good fenced perimeter, a cooking station, and excellent Water source. It will be a good idea not to scrap the Steel fence around the area since they're effective deterrents against invaders, unless you're planning to expand a bit outward. The treatment plant the Warwick family is staying has enough room to add more sleeping bags. They also have a separate room by the reservoir with a green steamer trunk you can loot once you acquired this settlement as a new workshop.
Once you have it as your workshop, you can build a wooden bridge in the Water reservoir so you can easily cross to the other buildings in the area. There's a mini nuke beside a skeleton inside the first building, beside the yellow machine.