"Backed into the value of the property"

[Kekila Keuma]

Hello,

I am speaking with a family member about an investment property and they asked me, "Have you backed into the value of the property? ie, value on lot, cost of construction in the area, cost to build per square foot.".  I am not entirely sure what they mean by that because I have never heard that phrase used.  Does anyone know what is meant by that?

Thanks,

-Kila