The red flag here for me would be the willingness to overpay when they’re not bidding against anyone.

It would be a big red flag to me if they are doing a lot of volume in this market. https://www.biggerpockets.com/member-blogs/10145/83067-limited-partner-s-guide-to-investing-in-the-right-deal

If they will not provide pictures of before and after that is a huge RED FLAG.

I definitely ended up passing on this "deal" based on the red flags.

It’s all about finding a balance between purchase price, financing terms, and smart rental management so you’re not forced into the red.

Also, real builders/experienced developers will often have a true technician, i.e. a civil engineer, architect, real estate attorney et al at least glance at the property info to make sure there are no major red flags.

That extra cash flow isnt safety, its the market signaling with a big red flashing light, Risk.

Red flags all the way around. 

And I would argue purchasing is easier than managing.Luke 14:28-30 For which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it?

or perhaps a reverse build to suit where the data center operator controls the buildout and the planning etc.I've not been involved in a data center first hand but the central OH market is pretty data and warehouse heavy as far as developments go and to echo the posts here, the power requirements are wild, and the red tape to get that power to the site is often cumbersome.