That clause avoided a lot of headaches when the seller eventually exercised their option.Seattle permitting can really be a curveball.

Once they exercise seller financing, the property is sold and all 1031 rules apply. 1031 has specific timelines.

Then figure aprox what your refi numbers/value would be given those rents/expenses at a stabilized point,  and that to me is your "all in" - From there it becomes an exercise of what it will take to get to that point or property condition?

So there it is, no exercising eminent domain for a quarter trillion dollars.

Learn from the exercise and do better on the next.Good luck! 

.: I just did this exercise - I liked ranking them so I could look at the big picture. 

I guarantee you don't have the right to "sell" that property as you've done because the bank has a lien against that deed which must be paid if/when you sell, and you almost guaranteed to have language that you are supposed to notify the mortgagor if/when you sell the property so that they can exercise their due on sale clause. 

Real estate is one of the best mind-sharpening exercises in the investment world simply because getting it wrong there is no stock liquidation or quick way out.

@David Dachtera, I did the same exercise in a COBOL class ;)

They realize the due on sale clause could get exercised and believe the risk is justified by the reduced rate.