Have you start investigating with the city? 

So after further investigation the property has been on the market for 2 years.

Typically, property value add of site control comes AFTER the site is fully entitled for the new development and someone has to funds soft costs--preliminary design architecture fees, design fees, legal fees, potential contractor consultation (to get #s). 

It may be worth the time to investigate this as a possibility for you.The DST is not obligated to pay the $800 franchise tax mentioned above, and can contain as many assets as you like.

Looking for preliminary advice.

So do research your county excise/transfer tax exemptions when filing out that PCOR form (preliminary change of ownership) within your county.

This civil penalty may be recovered in any action brought under this part by the enforcing authority; or the enforcing authority may terminate any investigation or action upon agreement by the person, firm, corporation, association, or entity, or the agent or employee of the foregoing, to pay a stipulated civil penalty.

Will you do preliminary title searches for me?

If that's the case, essentially, there are two types of professionals that can help you when investigating and analyzing the comparable sales in an area -- real estate agents and appraisers. 

I don't know anything about the Fort Smith market, but if you think this place has potential its worth your time to investigate further.