Where does it fall to the comparable's in the area? What is the sellers motivation? What is the tax liability after the property is developed? You said it has a slight grade what is the actual water runoff looking like? Can you afford to sit on it a few years (more than a year or two) before building? Building Materials around here are very high! I am sitting on a piece of property now for that very reason. The thing about the materials cost is there is no reason other than demand right now. If you compare to other areas it is absolutely crazy. So I personally think if you want to pay fair value for materials you are either going to have to sit and wait or truck it in from another market area. Which I have looked at, but still inflates the cost. Another thing I didn't see you mention was if the well was in yet or not.
