How to run comps on this deal?

[Dan Demers]

I have a pretty good lead for a small peninsula on the East coast. It is owned by siblings, and a few of the siblings want their money. They have tried for awhile to sell it on their own without success.

It seems like a possible wholesale with huge potential. However, they are good friends with some of my good friends, and so I want to be careful not to offend anyone with the offer. I will also disclose all of my intentions to make sure everyone is satisfied, and no one thinks I am "pulling a fast one on them."

It is undeveloped land, some of which is marshy. Not sure about the zoning, if any. There is the potential to build a good amount of waterfront properties as long as it is zoned properly. Given that it is a very unique piece of land, how would you run comps and determine a reasonable price for it?