We will evaluate the deal both ways (and probably a combination of other ideas as well), and decide what makes the most sense long term.  

I’ve been wondering that same thing.Seems to me when comparing candidate investments, why would I pay more for an investment with risk and work (5% Cap multifamily), than a risk-free passive investment (5% CD or T-Bill).Note that going from a cap rate of 5% to 10% is a 50% drop in price…that’s significant…easy to see why a seller isn’t willing to give a higher return.I’ve asked the question before and gotten answers like it’s because investor borrowing costs vary, and you must consider future rent growth and appreciation … I guess if you have low borrowing costs and are optimistic about the future a 5% cap rate makes sense.

Your property sounds to be more unique, therefor likely making it challenging to find acceptable comps. if the property is common for the area, it's likely this could be a non-issue with the right lender. 

We've moved on to Blue Ridge in our search as the numbers make more sense.

Seems like this makes sense in terms of risk mitigation, estimating values/deals, etc.How do you go about finding the data to make such a classification especially as a new investor?

That ain't easy and I expect you probably have to have a big pile of cash as probably pretty tough to get any kind of financing that makes sense.

Do some data-based analysis to determine if this investment makes sense as opposed to emotion driven decision making.

For that reason, I wanted to pay cash to remove any emotional/financial burden so it bothers me less, If that makes sense.

Along with negotiating the feasibility period and due diligence periods I'd concurrently do 2 things based on your plan:1. talk to the solar companies in the area and understand their site selection process, how they structure their deals, how they operate, etc. 2. talk to the power company and see if they need more renewable energy and if building another solar project in that area makes sense. 

Hard money/private money is common.