For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

I am responsible for diving into the above markets.

But you may be coming from a different place, so I'll dive into how I would be looking at things if I were right now.2) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where you think we are in the real estate cycles (financial and physical market cycles)b) Then only then pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

It has made me take a step back and take a deeper look at the pros and cons of acquiring the property!

Land prices "peaked in 2006, 2007", and then land prices "nose-dived".

@Jake Somers Welcome to BP and the wonderful world on real estate.Before we dive into evaluating this property it would be good to understand your objective.

@George KamerzanHey George,Diving in head first, nice!

If that is the case, I would still take a look dig deeper see how that unfolds.Answer: The population of the Buffalo metropolitan area, which consists of Erie and Niagara counties, increased by just 0.1 percent between 2010 and 2017, the equivalent of one additional person every two days.

There got to be something deeper than this situation. 

Any thoughts or feedback will be appreciated, without a doubt, real estate market has and will continue to be impacted, but do you feel the commercial real estate market has taken a nose dive or a starting a downswing cycle, will this be damage be temporary or permanent?