I really hate to dig in here on a subject I know relatively little about but I guess I couldn't resist. 

If you try to dig deeper on exactly what you are trying to do with real estate, you will be able to get lots more great insight. 

I'd dig into the current assessment and the assessments of the comps you're using for your ARV.Maintenance is a little low.

The real risk is ending up with the building not doing terribly well, digging into your savings, and not being able to sell it.

They just dig a hole at each end of the line. 

There's a short window here, and many locals are going to find themselves priced out of their own market in the coming years.Sorry this was so long, but it seems like you're the kind of guy that does his research and likes to dig in on many of the details. 

Your lots are outside of city limits but I would dig deeper into what the county/township have been doing/saying on the issue.

I'll keep digging and am still open to more thoughts from other sources as well!!

If that strikes a cord, I will dig in a bit more to find out what would help solve his problem.

There are a few rules of thumb out there that provide an awesome place to start - although a little more digging will be required prior to making the offer.