Evaluating a almost empty mixed use commercial property

[Pavlos Kasselouris]

I'm exploring a banked-owned mixed use property in Florida. Its on a main street with two storefront offices, 3 residential units at the back, and comes with a lot at the back that its zoned multi-family but it will need a lot of earth work to be developed. The lot that the building is on is zoned mixed use commercial. 

Only two res.units are rented. Its been on the market considerable amount of time.

How can evaluate an empty commercial opportunity? Currently they are asking 195K, and by running numbers etc I will start my initial offer 135K with the intention not going more than 160K. The building needs around 15-20K to be brought into very nice condition.