Irregular Property that needs funding advice, soon :'(

[Dan Waugh]

Owner paid $300k 12 years ago, put $100 into it and realized they couldn't develop it into an apartment complex. Yay me. Now, it's overgrown with woods, there are 3 houses and 1 of which looks like a 1700sqft duplex with plywood on the windows; there are 2 houses that are rented under value and total $1100/mo. $185k?! The entire lot is 4 acres. (3 houses, 4 acres .. How do you even comp that)

1700 sqft home for 185 is pretty typical, here. Busted 1700sqft home with 2 leased homes on the property, not so much. In this area, a 1700sqft house on <.5ac goes for about 99/sqft for GP. $168,300?

I need help funding this deal. I'm tempted to ask the owner for $165k and 3% back. I'm trying to do this with little or no money down but this isn't her first transaction.