Wholesale deal needing pricing evaluation

[Jordan Northrup]

I need some help in evaluating a wholesale deal that was initially pitched to me. I don't have any experience in this area, hence my posting about it. 

The property is a vacant hotel along the eastern sea shore. The town has good growth with lots of tourism/professional traffic. I'm told that the sellers want $2.25M for the deal. I asked the wholesaler how they arrived at that number and was told that the owner based it on how much he paid for it, back taxes, and what he needs to repay investors that he borrowed from originally. From what I can gather, the seller is elderly, underwater, and needs to get out as clean as he can. Since the property is vacant and has no NOI, how would you go about putting together a valuation methodology to decide if it's even worth investigating?